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Sensex reverses losses to end with 116-point gain on late buying
Updated : Mar 19, 2018, 05:22 AM IST
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After slipping below 27,000 level in early trades, the benchmark Sensex today recovered smartly to end with a gain of over 116 points at 27,206.74 on good buying in bluechips including ITC, Tata Motors and ONGC even as global cues remained weak.
After a lower start at 27,008.12, the Sensex dipped below the 27,000-mark to touch a low of 26,918.93, down over 170 points. Buying after mid-session, however, lifted the BSE index to settle at 27,206.74, logging a gain of 116.32 points, or 0.43%. On Friday, the index had fallen 21.79 points, snapping two consecutive days of gain. Besides ITC, Tata Motors and ONGC that gained in 3-4% range, major Sensex gainers included Hindustan Unilever, SBI, Axis Bank, Hero MotoCorp, ICICI Bank, Bajaj Auto, GAIL, HDFC Ltd and TCS. The 50-share NSE Nifty, after slipping below the 8100 mark to touch a low of 8,064.80, bounced back to close 24.85 points, or 0.31%, higher at 8,146.30. Both the key indices Sensex and Nifty, which were struggling to maintain 27,000 and 8,100-mark in early trades, managed to close above these levels. "A fresh spell of buying in recent under-performers was a notable feature of today's session," said Deepak Pahwa, a Delhi-based broker.
Short covering ahead of monthly expiry on Thursday was also seen in select blue-chip stocks, traders said. Small-cap index was up 0.51% and Mid-cap rose by 0.20%, indicating continued retail investor interest. Buying activity also picked up momentum in non-Sensex stocks. Gitanjali Gems, PC Jewellers, Petronet LNG, Jaiprakash Associates and PPAP Automotive, among others, logged gains. A weak closing in Asian stocks and a lower opening in Europe on reports that China dampened speculation on a potential, however, capped the gains on domestic bourses. Meanwhile, Foreign Portfolio Investors (FPIs) sold shares worth a net Rs 6.53 crore last Friday as per provisional data.
Sectorally, the BSE Consumer Durables sector index gained the most by surging 3.12%, followed by FMCG index 1.90%. Auto index 1.10%, Oil & Gas index 0.88%, and Banking index 0.29%.
