Sensex recovers after five days of falls

Reuters Market Eye - The BSE Sensex gains 0.7 percent while the broader Nifty gains 0.5 percent, recovering after falling for five consecutive sessions and posting their worst weekly falls in three months.

Blue chips lead gains with Reliance Industries gaining 3.1 percent after the energy conglomerate fell 4.21 percent in the five sessions until Friday compared to a more than the 2.1 percent fall in the Nifty during the same period.

ITC Ltd is up 1.26 percent after falling 3.7 percent during the five previous sessions.

The gains come even as Asian shares falter after a survey of Chinese manufacturing disappointed, while the simmering conflict in Ukraine kept gold and bonds well bid.

Shares in Reliance Communications Ltd fall as much as 3.8 percent after its consolidated net profit dropped more than expected in the January-March quarter.

Overseas investors bought Indian shares worth 3.87 billion rupees ($64.3 million) on Friday but sold index futures worth 2.43 billion rupees, provisional exchange data shows.

Foreign investors offloaded nearly 21 billion rupees worth of index futures over five straight sessions till Friday.

(indulal.p@thomsonreuters.com/indulal.p.thomsonreuters.com@reuters.net)