Sensex snaps 5-day losing streak;investors richer by Rs 32K cr

Investors were richer by Rs 32,000 crore today after substantial amount of wealth was washed away on sustained selling in the previous five sessions.

Barring a brief spell of selling that saw Sensex touch a 17-week low of 16,123.04, sentiment was buoyant for most of the day helping the 30-share benchmark cut its losing streak and close at 16,328.25, a rise of 112.41 points or 0.69 per cent.

In last five sessions, Sensex had plunged by 696.87 points or 4.12 per cent with investors fretting over fundamental weakness in the economy and Eurozone worries.

Brokers said apart from rupee and European trends, corporate earnings from L&T boosted the trading sentiment.

"Initial buying was seen in capital goods stock L&T, as sentiments improved for the counter on better-than-expected Q4FY12 results yesterday. Buying was also seen in IT stocks as value buying emerged after recent fall. Momentum increased as the session progressed," said Shanu Goel, Senior Research Analyst, Bonanza Portfolio.

L&T with over 5.4 per cent gains was the biggest gainer among Sensex pack after strong fourth quarter earnings and robust future outlook.

"Market recovered as RBI intervened and rupee, after touching low of 54.25, recovered... Traders cut short positions. If rupee travels towards 52, then we can see some more recovery in Sensex and Nifty," said Kishor P Ostwal, CMD, CNI Research.

Among the index heavyweights, Infosys, L&T and ICICI Bank together contributed over 100 points to the index's gains.

The NSE 50-share Nifty also recovered by 35 points or 0.71 per cent to settle at 4,942.80. (MORE)