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Sensex snaps 3-day losing streak, up 223 points

Sensex snaps 3-day losing streak, up 223 points

Mumbai: Snapping its three-day losing streak, the BSE benchmark Sensex recovered over 223 points in early trade on Monday on emergence of buying by funds amid a firming trend in other Asian markets.

The 30-share index, which had lost nearly 674 points in the previous three sessions, recovered 223.26 points, or 1.10 per cent, to 20,440.65, with stocks of banking, realty, oil and gas and FMCG sectors leading the recovery.

The National Stock Exchange Nifty moved up by 68.75 points, or 1.15 per cent, to 6,064.20.

Brokers said emergence of buying by funds and retail investors amid a firming trend in other Asian bourses, after US markets hit another record high on Friday, mainly buoyed the trading sentiment here.

Besides, expectations of a drop in import bill after crude oil prices fell in the overseas markets, following a key deal between world powers and Iran on its controversial nuclear programme, also triggered buying activity, they said.

Stocks of state-run oil marketing companies such as Indian Oil rose 1.99 per cent to Rs. 204.70. Hindustan Petroleum rose 4.25 per cent to Rs 211 and Bharat Petroleum gained 2.68 per cent to Rs. 341.60.

Reliance Industries shares also gained 1.27 per cent to Rs. 854.65.

In other Asian markets, Japan’s Nikkei index rose by 1.36 per cent, while Hong Kong’s Hang Seng gained 0.56 per cent in early trade today.

The US Dow Jones Industrial Average surged to yet another high by gaining 0.34 per cent on Friday.

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