Positive global cues help Sensex, Nifty snap 3-week losing streak

Both the benchmark indices -- S&P BSE Sensex and CNX Nifty -- snapped their 3-week losing streak and recovered by 802 points and 245 points, respectively on fresh buying on the back of positive global cues.

Small-cap and mid-cap counters too attracted heavy buying interest from retail investors as their indices out-performed the Sensex.

Besides, resumption of foreign capital inflows boosted market sentiments.

"Firm global cues combined with oversold positions in index majors triggered the rebound," said Jayant Manglik, President, Retail Distribution, Religare Securities.

Reduction in crude oil prices and improvement in F&O liquidity, post a poor March expiry (-7% return) provided the essential, said Vinod Nair, Head-Fundamental Research, Geojit BNP Paribas Financial Services.

Cut in petrol and diesel prices was another reason behind rise in the value of shares.

The Sensex opened higher at 27,655.79 and hovered in a wide range of 28,298.34 and 27,624.76 before concluding at 28,260.14, witnessing a sharp recovery of 801.50 points, or 2.92%.

It had dropped by 1,990.31 points, or 6.76%, in the previous three weeks.