Sensex snaps losing streak
The benchmark Sensex bounced back by notching up a gain of 100.47 points, or 0.52 per cent, 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 by 0.6 per cent 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 per cent 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 per cent, followed by Sun Pharma, Tata Motors, Coal India and Bharti Airtel.
Brokers said investors bought fundamentally strong stocks available at attractive lower levels and ignored the lower industrial data and higher retail inflation.
"While this shows a poor performance on the industrial front, markets actually gathered an upward momentum. This suggests that the bad numbers are now factored in," said Nagzi K Rita, CMD,
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