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mumbai��मुंबई: The benchmark Sensex surged 239 points on Tuesday following buying in banking, IT and auto stocks amid mixed trends globally, while the NSE Nifty ended its seven-day losing streak. After four days of decline, the 30-share Sensex closed 239.37 points or 0.31 per cent higher at 77,578.38. The index opened with gains and hit the day's high of 78,451.65, up 1,112.64 points or 1.43 per cent.
However, last-minute decline in Reliance Industries limited the market's gains. NSE Nifty also rose after seven consecutive sessions of decline. The 50-share index gained 64.70 points or 0.28 percent and closed at 23,518.50. The index jumped more than 300 points during the day to reach 23,780. Major stock exchanges BSE and NSE have declared trading holiday on November 20 due to assembly elections in Maharashtra.
“The strong comeback due to bottom fishing was short-lived due to cautiousness in the market. Investors used every opportunity to book profits amid continued FII selling and weak Q2 earnings. Profit-booking was also seen ahead of the upcoming Maharashtra state elections, ” said Vinod Nair, head (research), Geojit Financial Services. Stock markets have been on the losing streak in the last seven sessions with the Nifty falling over 1,030 points or 4.3 per cent due to selling by FIIs, weaker-than-expected quarterly results and stronger US bond yields.
During this period the Sensex fell by more than 3,000 points to 77,300. “The recent improvement in valuations suggests a subdued outlook for further decline in prices. However, the recovery will depend on earnings growth, which is likely to pick up again in the second half due to a possible surge in central and state expenditure ,” Nair said.
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