Shrugging off poor IIP and inflation numbers, the Indian stock market on Tuesday rose by over 100 points to snap its eight-day losing streak, on value-buying in ONGC, HDFC Bank, Tata Motors and RIL. The benchmark Sensex bounced back by notching up a gain of 100.47 points, or 0.52%, to end the day at 19,561.04. The index had lost 545 points in last eight sessions to mark its longest losing streak since May 2011. The 30-share barometer resumed the day better, but fell to a low of 19,438.53 after the news of fall in industrial output growth and rise in retail inflation trickled in. Growth in industrial output contracted 0.6% in December mainly due to muted activities in manufacturing and mining sectors. Retail inflation, on the other hand, remained in double digits at 10.79% in January, driven by higher prices of vegetables, edible oil, cereals and protein-based items. But soon buying sentiment picked up, mainly in key stocks from refinery, pharma, PSU and auto segments. ONGC led the 17 gainers in 30-share Sensex by rising 3.81%, followed by Sun Pharma, Tata Motors, Coal India and Bharti Airtel. The broad-based National Stock Exchange index Nifty rose 24.65 points, or 0.42%, to close at 5,922.50.
NSE stops using S&P name for indices
Leading stock exchange NSE has stopped using the name of global financial market indexing and ratings major Standard and Poor’s (S&P) for its various indices, including benchmark Nifty, as a licensing agreement between them
Be the first to comment.