Sensex snaps 4-day losing run, up 30 pts as Tata Steel surges

Rebounding from nearly two-week lows, the BSE benchmark Sensex today snapped a four-day downtrend by ending 30 points higher on the back of strength in Tata Steel, ICICI Bank, L&T and Tata Power shares.
However, the index ended around 3 per cent lower on a weekly basis as Sensex shed over 580 points from last Friday.
After plunging nearly 390 points yesterday, Sensex resumed today on a strong note at 19,813.72 but fell to a low of 19,571.91 intra-day. However, a late surge in beaten down stocks helped the index settle 30 points, or 0.15 per cent, higher at 19,704.33.

Shrugging off weak Q4 performance, shares of Tata Steel gained 4.56 per cent on and was the top gainer in Sensex.
The 50-share NSE Nifty index closed higher by 16.50 points, or 0.28 per cent, at 5,983.55. MCX-SX flagship index SX40 closed marginally lower by 1.17 points at 11,681.13.
Buying mainly in consumer durable, metal, capital goods, banking and power scrips supported rise in indices. However, Sun Pharma, TCS, ITC, SBI, Infosys and Tata Motors saw fall.

"With earnings season nearing its end, markets would await for signs of monsoons and development in global markets," said Sanjeev Zarbade, VP - PCG Research, Kotak Securities.

Second-line shares also were in demand with S&P BSE-Midcap and S&P BSE-Smallcap outperforming Sensex. TTK Healthcare (20 pc), Taj GVK Hotels (12.2 pc), United Breweries (9.9 pc), JM Financial (9.8 pc), United Spirits (6.5 pc) and Amara Raja (5.9 pc) notched up smart gains today.
However, Wockhardt after plunging by 20 per cent yesterday again fell by 6.5 per cent on concerns over its US business. Jet Airways and Fortis Healthcare lost in 3-4 per cent range.
Global markets remained volatile as investors awaited data on US durable goods orders in April.