Sensex snaps 5-day falling streak; closes 68 points up

Posted By: Pti
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Mumbai, Feb 2 (PTI)The BSE benchmark Sensex today snapped5-day falling streak and gained over 68 points to close at18,090.62 on emergence of value buying in fundamentally strongstocks, led by Reliance Industries.

The Bombay Stock Exchange benchmark Sensex, which hadlost 1,130 points in last five straight sessions, recoveredby 68.40 points to 18,090.62 as the heaviest-weighted RelianceIndustries climbed on hopes that rising crude prices wouldimprove refining margins.

Similarly, the broad-based National Stock Exchange indexNifty spurted by 14.80 points to 5,432, as most beaten realtyand refinery stocks rebound.

The gauge, among the worst performers globally so farthis year, lost nearly 11 per cent in January. Yesterday, itdipped to its lowest level since August amid concerns thataccelerating inflation will prompt further tightening inmonetary policy, hitting growth and corporate profits.

Besides, Egyptian crisis weighted on foreign funds.

However, investors bought Indian equities today amid firmAsian trend and higher opening in European stock markets.

Reliance Industries, the largest company by market value,increased 2.88 per cent to Rs 921.40.

Tata Consultancy, the largest software exporter, rose2.48 per cent to Rs 1,178.90, snapping a three-day losingstreak as expansion in US manufacturing boosted confidence inglobal economic recovery.

Growth in US, the largest export market for Indian ITfirms, prompted speculation that demand for software supplieswill rise. US and Europe are the largest markets for Indian ITcompanies.

The most beaten realty sector index gained the most byrising 2.40 per cent to 2,189.97 followed by oil and gassector index by 1.85 per cent to 9,454.57. Tech index rose by1.09 per cent to 3,726.26.

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