Sensex snaps losing streak, ends up 290pts

The markets snapped its four-day losing streak after taking positive cues from the European markets.

The Sensex opened with a marginal gap of 28 points at 15,426. The index was lacklustre till noon trades and dipped into the red to a low of 15,359. However, strong cues from the European markets helped the index rebound into green. Unabated buying in select auto, metal and index heavyweights saw the index surge to a high of 15,741 - up 382 points from the day's low.

The Sensex finally ended on a firm note at 15,689 - up 290 points (2%). Earlier in the week, the index had shed 3.3% (524 points).

The Nifty surged 87 points (2%) to 4,680. Earlier in the day, the NSE index touched low of 4,580, and then rallied to a high of 4,697.

All the sectoral indices gained with auto and metal indices leading. The auto index gained 3% at 6,079 on the back of good sales numbers from most of the vehicle majors. Metal index added 2.7% to 12,496 on hopes of an increase in demand with the economic recovery.

The market breadth was positive. Out of 2,831 stocks traded 1,576 advanced while 1,162 declined.

INDEX MOVERS...

Mahindra & Mahindra rallied 6% to Rs 864 on plans to enter the US market. Hero Honda added 4% to Rs 1,602.

Metal major, Sterlite gained 4% to Rs 670. Larsen & Toubro, HDFC, ONGC and ITC advanced 3% each.

Grasim, ACC, Maruti Suzuki, Reliance, Hindustan Unilever, Tata Steel, Reliance Infrastructure, Hindalco and Tata Power also moved up around 2% each.