Sensex snaps losing run

Ends nearly 85 points higher; FMCG, oil and gas, power, infrastructure & IT sectors see buying

Market benchmark BSE Sensex on Thursday broke its two-day losing streak and closed nearly 85 points higher, a day after posting its biggest single-day plunge in nearly seven weeks, on buying in select blue-chips amid mixed global cues.

In a volatile session, FMCG (fast-moving consumer goods), oil and gas, power, infrastructure, IT (information technology), and health care sectors saw fag-end buying, while realty, metal, automobile, and banking stocks witnessed selling.

The 30-share index on Wednesday plummeted 310 points to crack below the 28,000 mark, its biggest single-day fall in nearly seven weeks, on profit-booking.

The benchmark index, which lost nearly 408 points in the previous two sessions, on Thursday resumed the session higher at 27,806 but succumbed to selling pressure and fell back to touch a low of 27,697 in intra-day trade.

Later, on revival of buying towards fag-end, the index wiped out losses to close the session 85 points, or 0.3 per cent, higher at 27,859.6 after rising to the day's high of 27,902.

The 50-share NSE index Nifty too recovered 16.85 points, or 0.20 per cent to end at 8,592.15. Intra-day, it shuttled between 8,540.05 and 8,601.15.

Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services Ltd, said, "Indian markets look to have slipped into an event vacuum with none decisive enough to force a course correction. Consecutive days' falls did render the stocks relatively cheap enough to attract value buying, but buyers were seen keeping the positions light ahead of the long weekend."

Gains in Lupin, ITC Ltd, Asian Paint, ICICI Bank, TCS, NTPC, Hindustan Unilever, ONGC, Reliance Industries, HDFC Ltd, Axis Bank and Dr Reddy's shares lifted the 30-share barometer higher.

SBI emerged biggest laggard of the day by falling the most by 1.97 per cent to Rs 226.95 as participants cut down their holdings ahead of Q1 earnings.

Adani Ports, M&M, GAIL, Sun Pharma, Bajaj Auto, Tata Steel, L&T, Tata Motors, Hero MotoCorp, Power Grid and Infosys too lost sizeable grounds and restricted the gains.