Sensex gains first time in 7 days on value buying; up 338 pts

Written by: Biswajeet Panda
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Mumbai, Jan 12 (PTI) Snapping its 6-day falling streak,longest in a year, the BSE benchmark Sensex today shot up 338points as investors bought fundamentally strong stocks,available at lower levels, amid firming global markets.

The Bombay Stock Exchange benchmark Sensex, which lostnearly 7 per cent in the last six sessions dipping to a low of19,048.56, rebound by gaining 337.76 points to close at19,534.10, even though the industrial output data (IIP) forNovember showed a steep plunge.

The broad-based National Stock Exchange index Nifty roseby 109.15 points to 5,863.25, after touching the day''s low of5,711.30 in a volatile trade.

Marketmen said slowdown in factory output numbers easedconcern of a high interest-rate hike by the Reserve Bank ofIndia to tame spiralling inflation.

They said markets rebound as investors indulged invalue-based buying in stocks available at attractive lowprices after a strong sell-off in last six days.

Besides, the recovery was bolstered on higher cues fromglobal stock markets, which cushioned the impact of steep fallin industrial production data back home.

Asian stocks rose, sending the MSCI Asia Pacific Index toits first advance in four days, as higher oil and metal pricesbuoyed commodity shares on speculation.

In 30-BSE index components, 22 stocks ended with gainswhile eight closed lower. Barring capital goods, all sectoralindices finished in positive zone.

The consumer durable sector index gained the most byrising 4.64 per cent to 6,180.93 followed by realty sectorindex by 3.27 per cent to 2,582.36.

The metal sector index rose by 2.80 per cent to 16,990.74as price in London climbed for the second day after Japanjoined China in buying euro-area bonds, easing concerns thatEurope�s debt crisis may derail the global economic recovery.

The banking index jumped by 2.66 per cent to 12,615.94 asICICI Bank climbed the most in three weeks by adding Rs 45.70to Rs 1,068.90.

The auto sector index was next on the chart with a heftygain of 2.02 per cent to 9,506.57 as Tata Motors depicted arecord jump in five months by adding Rs 56.10 to Rs 1,216.40.


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