Sensex recovers from 5-day dip, up 214 pts

In a roller coaster ride, the benchmark S&P BSE Sensex not only recovered its nearly 300 points losses logged in late afternoon deals on a knee-jerk reaction to news of deficient rain fall this year but broke its long five-session of losing string, surging by 214 points to end at 27,890.13 on a gust of fag-end low-level buying.

The wide-based 50-issue CNX Nifty of the NSE also tumbled below 8,300-mark to a low of 8,284.70 late mid-session only to rebound to settle at 8,429.70, showing a rise of 51.95 points or 0.62 pct. The market resumed better and the sensex remained in positive terrain till early mid-session on firm Asian cues, But it crashed to a low of 27,385.48 when the news of short of rain fall this year oozed in.

Buying was seen in capital goods, healthcare, banking and FMCG counters while IT, teck and refinery stocks suffered losses. IT stocks continued to bore the brunt after TCS and Wipro announced muted Q4 results. The BSE 30-share sensex gyrated in a range of over 560 points between 27,947.26 and 27,385.48 before concluding at 27,890.13, revealing a rise of 214.09 points or 0.77 pct. In last straight five sessions, it had stumbled by 1,368.40 points or 4.71 pct. Smart rise in L&T, HDFC, Axis Bank, HDFC Bank, HUL, TCS, Sun Pharma, Dr Reddy’s Lab, ICICI Bank, M&M and Hero Motocorp mainly supported the sensex rise. 

Meanwhile, Foreign Portfolio Investors (FPIs) bought shares worth Rs 17488.73 crore yesterday, as per provisional data including sell of 8.9 pct stake of Sun Pharma by Japanese drug giant, Daiichi Sankyo, for over Rs 20,000 crore. Domestic institutional investors (DIIs) picked up shares worth Rs 1364.83 crore on Tuesday as per provisional data.