BSE Sensex snaps 5-day losing streak, climbs 1 percent on strong global cues
The Bombay Stock Exchange (BSE) Sensex snapped its five-day losing streak, climbing 0.92 percent or 134.50 points on Wednesday to close at 14,678.23 on strong global cues.
The 30-share benchmark index opened at 14,610.57 and touched an intraday low of 14,746.20 before recovering on news that Asian markets had rebound upon hearing that China would introduce a stimulus package to boost growth. Thereafter, the Sensex gained steadily, rising to an intraday high of 14,746.20, before settling slightly lower at 14,678.23, with 23 components closing in the green.
Despite Wednesday's gain, the Sensex is still down about 27.5 percent this year, and continues to be one of the worst performers in Asia.
The biggest gainer of the day was Reliance Communications, which surged 3.76 percent to close at Rs.414.85.
Rival telecom major Bharti Airtel jumped 2.99 percent to close at Rs.815.25.
Aditya Birla Group's flagship company, cement maker Grasim Industries advanced 3.64 percent to close at Rs.2028.35.
Financial stocks HDFC Bank and Housing Development Finance Corporation rose 2.52 percent and 1.24 percent to close at Rs.1237.90 and Rs.2311.55 respectively.
Top listed Reliance Industries gained 1.03 percent to close at Rs.2244.15.
Engineering and construction major Larsen & Toubro (L&T) added 1.50 percent to close at Rs.2714.65.
India's largest power producer NTPC edged up 1.41 percent to close at Rs.183.95 while state-run power equipment maker BHEL soared 3.40 percent to close at Rs.1734.90.
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