Sensex snaps 5-day losing streak on value-buying; Nifty nears 17K level

Mumbai, March 16

The domestic equity market on Thursday snapped the five-day losing streak as the benchmark Sensex recouped its lost ground and closed 78 points higher on fag-end value buying in banking, energy and financial stocks.

A positive opening in the European market helped investor sentiments even as clouds hovered over the health of the global banking system amid Credit Suisse woes and bank failures in the US. Halting its five-day losing streak, the 30-share BSE benchmark rose 78.94 points or 0.14 per cent to close at 57,634.84 points, with 17 of its constituents ending in the green. During the session, it touched a high of 57,887.46 points and a low of 57,158.69 points.

SENSEX UP 78.94 POINTS

CLOSES AT 57,634.84

RUPEE HOLDS AT 82.74/$

• NSE Nifty advances 13.45 points or 0.08% to settle at 16,985.60 points
• Nestle India biggest gainer in the Sensex pack, rising 2.54%

The 50-share NSE Nifty advanced 13.45 points or 0.08 per cent to settle at 16,985.60 points. As many as Nifty 32 stocks closed in the green.

Equity benchmarks bounced back to end in the positive territory after trading lower for the most part of the volatile session.

“With the turbulence at Credit Suisse and ahead of the ECB policy announcement, investors’ attention has switched to developments in the European market. Consistently unfavourable signs in global markets are encouraging investors to move to safe havens such as the dollar and gold, while FIIs are withdrawing funds from the domestic market in response to the Indian rupee’s depreciation.

“Though the SVB & Credit Suisse crisis has eased, the market lacks the confidence to hold positions on contagion fears,” said Vinod Nair, Head of Research at Geojit Financial Services. Nestle India was the biggest gainer in the Sensex pack, rising 2.54 per cent, followed by Asian Paints, HUL, Titan, Sun Pharma, SBI, PowerGrid and Bajaj Finserv. On the other hand, Tata Steel, IndusInd Bank, Bharti Airtel, Infosys, Wipro, HCL Tech and Reliance were among the losers, slipping up to 3.31 per cent.

Among sectoral indices, power gained 1.13 per cent, oil&gas rose 1.08 per cent, realty 1 per cent, bankex by 0.30 per cent and financial services by 22 per cent.

In contrast, metal, commodities, IT and tech were among those closing in the red.