Sensex rises 271 pts on value buying, L&T up 3 pc

Market benchmark Sensex rose by 271 points on Thursday on the back of gains in index heavyweights Infosys, L&T, ICICI Bank and SBI, despite massive a selloff in global equities.

After gyrating over 300 points in a volatile session, the 30-share BSE index settled 271.02 points, or 0.66 per cent, higher at 41,386.40. It hit an intra-day high of 41,413.96 and a low of 41,098.91.

Likewise, the broader NSE Nifty closed 73.45 points, or 0.61 per cent, down at 12,180.35.

Larsen & Toubro (L&T) was the top gainer in the Sensex pack, rising by 2.98 per cent, after the company reported a 15 per cent rise in its consolidated net profit at Rs 2,560.32 crore for quarter to December 2019.

Other gainers included M&M, SBI, Titan, Infosys, Bharti Airtel and Ultratech Cement.

Tech Mahindra, PowerGrid, TCS, Bajaj Auto, Reliance Industries and Maruti ended in the red.

According to experts, despite carnage in other Asian equities amid fears of contagion after a deadly new virus emerged from China, stock-specific action kept domestic benchmarks buoyed.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul declined up to 2.75 per cent. European markets were also trading on a negative note in their early sessions.

Brent crude oil futures fell 1.22 per cent to USD 62.44 per barrel.

The rupee depreciated 9 paise to 71.28 per US dollar (intra-day).