BSE Sensex on track to snap four-session losing streak

May 02 2014, 11:25 IST
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BSE and NSE were closed on Thursday on account of 'Maharashtra Day'. BSE and NSE were closed on Thursday on account of 'Maharashtra Day'.
SummaryBSE Sensex had lost over 458 points in the previous four sessions.

The benchmark BSE Sensex gains 0.37 per cent, while the broader NSE Nifty is up 0.31 per cent, recovering from 2-1/2 week lows hit on Wednesday and on track to snap a four-session losing streak.

Banks lead gains on value-buying. ICICI Bank advances 1.24 percent after falling 4.3 percent over the previous four sessions after its quarterly earnings disappointed some investors.

Asian shares edged up and the dollar held slim gains amid expectations of an upbeat U.S. payrolls report later in the session, which could show the economy shaking off a severe winter.

Shares in technology stocks are gaining on the back of expectations of a better nonfarm payroll data, due later in the day. Tata Consultancy Services (TCS) gains 1.2 percent, while Infosys Ltd is up 1.4 percent.

Overseas investors bought Indian shares worth of $75.3 million on Wednesday, provisional exchange data shows, totalling 55.70 billion rupees for 2014 so far.

BSE SENSEX: EARLY TRADE

Snapping four days of losses, the benchmark BSE Sensex rebounded over 157 points in early trade today on across the board buying by funds and retail investors amid a mixed trend in the Asian region.

The 30-share index recovered by 157.18 points, or 0.70 per cent, to 22,574.98 with stocks of banking, capital goods, realty and healthcare sectors leading the gains. The index had lost over 458 points in the previous four sessions.

Similarly, the National Stock Exchange index Nifty moved up by 40.55 points, or 0.61 per cent, to 6,736.95.

The Bombay Stock Exchange, the National Stock Exchange were closed yesterday on account of "Maharashtra Day".

Brokers said emergence of buying by funds and retail investors tracking a mixed trend overseas, after the Federal Reserve said the US economy was picking, helped trading sentiments to improve.

Besides, covering-up of short positions by speculators supported the recovery, they said.

Among other Asian markets, Hong Kong's Hang Seng index rose by 0.27 per cent, while Japan's Nikkei down 0.24 per cent in the early trade.

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