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Late recovery helps Sensex close in green; realty, power up

Press Trust of India  |  Mumbai 

Bouncing back towards the fag-end of the session in an otherwise choppy trade, today closed nearly 34 points higher at 26,350.17 with gains in realty, power, FMCG and & gas stocks amid sustained buying by domestic institutional investors.

However, led by state-run were under pressure after the Reserve Bank on Saturday introduced an incremental CRR of 100 per cent for the fortnight to absorb the surge in liquidity in system following of high value notes.

Besides, sentiment took a hit amid investors taking a cautious approach in view of persistent capital outflows from emerging markets including by foreign funds after Donald Trump won the US combined with weakness in the rupee.

Trading was also influenced after the Reserve Bank on Saturday asked banks to maintain a temporary incremental reserve ratio (CRR) of 100 per cent to absorb excess liquidity from the system after the government's move to withdraw high-value currency notes fuelled a surge in deposits, triggering sell-off in stocks.

The 30-share after a lower opening at 26,303.52, slipped further to touch a low of 26,183.22 as selling in stocks intensified.

However, on emergence of widespread buying, it bounced back to wipe out early losses and and hit a high of 26,413.99, before setting 33.83 points, or 0.13 per cent, higher at 26,350.17.

The gauge had rallied 456.17 points in the previous session on Friday after investors built-up fresh long positions in the new December series in the derivatives segment and rupee rebounding from record lows.

Also, the NSE Nifty ended 12.60 points, or 0.16 per cent, higher at 8,126.90 after moving in a range of 8,066.50 to 8,146.50.

Foreign portfolio investors (FPIs) sold worth a net Rs 372.80 crore on Friday, as per provisional data.

Of the 30-share Sensex, 17 ended higher gaining as much as 5.53 per cent.

Bharti Airtel stayed in the lead among constituents and climbed 5.53 per cent, followed by Adani Ports (2.60 per cent), ITC (2.08 per cent), ONGC (2.07 per cent), Hero MotoCorp (2.05 per cent), NTPC (1.77 per cent), Power Grid (1.41 per cent), Cipla (1.28 per cent), Bajaj Auto (1.17 per cent) and Hind Unilever (0.51 per cent).

In the segment, of state-run plunged 2.82 per cent, lost 1.73 per cent and fell 0.32 per cent.

Globally, China's Shanghai Composite closed 0.46 per cent up, while Hong Kong's Hang Seng rose 0.47 per cent. Japan's Nikkei, however, shed 0.13 per cent.

European equities edged lower with key indices from the continent, like in London's FTSE, France and Germany and the UK, were lower by up to 1.06 per cent.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 28 2016. 16:13 IST