Asian, US cues help mkts snap 6-day slide

Written by fe Bureau | Mumbai | Updated: Jan 30 2010, 04:50am hrs
The countrys equity indices snapped their six-day losing streak and ended the day with marginal gains. The bounce-back in the Indian markets was largely due to positive cues from Asian markets, which surged after the US president assured to create more jobs and encourage growth in the US. Despite continued heavy selling from overseas investors, support from domestic institutions aided the benchmark indices. The Sensex closed the day at 16,306.87, gaining 17.07 points or 0.10%, while the S&P CNX Nifty added 14.15 points or 0.29% to end the day at 4,897.25.

In Asia, the Shanghai Se Composite IX gained 0.25% to end at 2,994.14, while the Nikkei 225 added 1.58% to close at 10,414.29 points. The Hang Seng closed at 2,856.05, up 1.52%. And in the US, on Wednesday, the Dow Jones Industrial Average added 41.87 points or 0.41% to end the day at 10,236.16, while the S&P 500 index went marginally up by 5.33 points or 0.49%.

Despite gains, the market breadth remained weak as foreign institutional investors continued their selling for the seventh consecutive session, offloading stocks worth over Rs 2,800 crorethe highest in the current month so far. And amdist heavy trades, both the exchanges continue to witness record levels of turnover of over Rs1.92 lakh crore on the last day of expiry of derivatives contracts for the January series.

The NSEs derivatives segment reported the turnover of over Rs 1.66 lakh core up 5% compared to Wednesdays turnover, while the average daily turnover in the last six months stood at approximately Rs 73,600 crore.