Sensex recovers 123 pts, breaks 7-day falling streak

The BSE Sensex today recovered by

almost 123 points as buying by domestic investors in banking,

pharma, metal and realty stocks after recent falls helped the

index break its seven-session falling streak.

After a better opening at 31,216.36, the Sensex quickly

slipped into the negative zone and hit a low of 31,081.83 in

morning session as foreign funds continued to withdraw

capital.

Emergence of value-buying in afternoon trade wiped off

early losses and the Sensex settled higher by 122.67 points,

or 0.39 per cent, at 31,282.48. During the day, it also

touched a high of 31,340.91.

The 50-share NSE Nifty ended up 33.20 points, or 0.34 per

cent, at 9,768.95 points. Intra-day, it shuttled between

9,687.55 and 9,789.20.

Since it was the last session for September derivatives

contracts, speculators went about covering their short

positions towards the close which accelerated the pace of

recovery.

In the September expiry, Sensex plunged by 448.01 points,

or 1.41 per cent and Nifty tumbled 202.95 points, or 2.03 per

cent.

A mixed trend in Asia and a higher opening in Europe

after the US stocks recovered following sweeping tax reforms

plan unveiled by President Donald Trump influenced sentiment

here.

The rupee appreciated 22 paise intra-day against the

dollar, to 65.50, which had a positive influence too, brokers

said.

The 30-scrip gauge had lost 1,263.95 points in the

previous seven sessions largely dragged down by sustained

foreign fund outflows and falling rupee concerns.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)