Sensex snaps 5-day losing streak on value-buying

MUMBAI: 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 the 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.

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.

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.

In Asian markets, Shanghai, Tokyo, Hong Kong and Seoul ended with significant losses.

European stock markets marched higher in early trade on Thursday after embattled lender Credit Suisse announced its plans to boost liquidity.

Credit Suisse has said that it will borrow funds from the Swiss central bank and buy back about USD 3 billion of its debt to help mitigate the growing crisis around it.

Major indices on Wall Street settled on a mixed note in the overnight trade.

Meanwhile, the rupee declined 13 paise to close at 82.78 against the US dollar on Thursday.

International oil benchmark Brent crude gained 0.76 per cent to USD 74.25 per barrel.

Foreign Portfolio Investors (FPIs) offloaded shares worth Rs 1,271.25 crore on Wednesday, according to exchange data.