Sensex up rally short-lived, say traders

SENSEX-UP-RALLY-SHORT-LIVED-SAY-TRADERS:Sensex up rally short-lived, say traders

 

Reuters Market Eye - The Sensex gains 1.24 percent, while the Nifty rose 1.37 percent, in line with Asian shares that rallied after European Central Bank boosted market sentiment by signalling its resolve to defend the euro zone.

Traders say the rally would be short-lived as at home investors wait for policy action after renewed opposition from within the Congress party and coalition allies over reforms.

Provisional exchange data showed foreign investors sold stocks worth 11.8 billion rupees on Thursday, marking their third consecutive day of selling, when the Sensex fell 1.22 percent.

Banks leading the gains: ICICI bank shares gain 3 percent ahead of earnings, HDFC Bank rises 1.6 percent, while Tata Motors shares rose 4.2 percent after falling 8.8 percent in the last five sessions.