Mumbai Sep 28 (IANS) Breaking a seven-day-long losing streak key Indian equity indices -- the BSE Sensex and the NSE Nifty50 -- on Thursday closed in the green on the back of positive European markets and bargain hunting.
Although volatility was induced in the markets intra-day on September derivatives expiry as investors booked profits short covering in banks automobile and healthcare stocks aided the key indices to pare losses and close on a higher note.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) rose by 33.20 points or 0.34 per cent to close at 9 768.95 points.
The 30-scrip Sensitive Index of the BSE which lost around 1 263.95 points in the previous seven sessions closed higher by 122.67 points or 0.39 per cent at 31 282.48 points.
The BSE market breadth was bullish -- with 1 531 advances and 987 declines.
"Markets ended with modest gains on Thursday after bouncing back from a low of 9 688. Today s gains came after seven consecutive sessions of losses for the Nifty " Deepak Jasani Head - Retail Research HDFC Securities told IANS.
"It was also the expiry day of the September derivative series. Bargain hunting and positive European markets supported the Indian indices " added Jasani.
On the currency front the rupee strengthened by 21 paise to close at 65.50-51 against the US dollar from its previous close at 65.71-72.
In terms of investments provisional data with the exchanges showed that foreign institutional investors (FIIs) sold scrips worth Rs 5 328.46 crore while domestic institutional investors (DIIs) purchased stocks worth Rs 5 196.60 crore.
"The Sensex rose over 100 points while the Nifty regained the 9 750 mark after a tepid start on Thursday as pharma FMCG and banking stocks witnessed buying. However volatility was visible due to expiry of future and options contracts of September series " said Dhruv Desai Director and Chief Operating Officer of Tradebulls.
"Buying was also visible due to off-loading of short positions future and options contracts traders say. Mid-cap and small-cap shares which were among the worst hit in recent selloff outperformed benchmark indices " Desai told IANS.
The BSE mid-cap index rose by 0.77 per cent while the BSE small-cap index by 0.90 per cent.
Sector-wise the S&P BSE banking index surged by 206.65 points automobile index by 108.94 points and healthcare index by 92.31 points.
On the other hand the S&P BSE consumer durables index fell by 58.14 points capital goods index by 53.89 points and energy index by 19.89 points.
Major Sensex gainers on Thursday were: Dr. Reddy s Lab up 2.62 per cent at Rs 2 367.85; Kotak Bank up 2.43 per cent at Rs 1 004; Coal India up 2.32 per cent at Rs 267; Maruti Suzuki up 2.11 per cent at Rs 7 897.15; and Cipla up 2.05 per cent at Rs 581.50.
Major Sensex losers were: Asian Paints down 2.73 per cent at Rs 1 129.25; Reliance Industries down 1.48 per cent at Rs 786.75; Wipro down 0.95 per cent at Rs 285.85; Bharti Airtel down 0.77 per cent at Rs 382.40; and Tata Motors down 0.69 per cent at Rs 401.10.
--IANS
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