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Mar 26, 2013 at 04:36pm IST

Sensex snaps seven-day losing streak, closes 23 points higher

Mumbai: The BSE benchmark Sensex on Tuesday snapped a seven-day losing streak by rising 23 points on buying by funds mainly in consumer durables and FMGC stocks ahead of monthly expiry in the derivatives segment amid a firming European trend. The Sensex closed 23.11 points up, or 0.12 per cent, to close at 18,704.53. The index moved between 18,758.88 and 18,612.37 points. The gauge had lost 890 points in last seven trading sessions.

Similarly, the broad-based National Stock Exchange index Nifty rose by 7.75 points, or 0.14 per cent, to 5,641.60, after moving between 5,655.30 and 5,612.05. Brokers said trading sentiments improved on investors covering their pending long positions created in last seven sessions of losses before the settlement in derivatives segment on Thursday and some winding up their positions on ending of the current financial year.

They said the market received another boost on reports of higher opening in Europe before US data that may show durable-goods orders increased and new-house sales held close to a four-year high last month. Confidence among global investors also received booster after the government approved six FDI proposals, including that of AirAsia Investment, Malaysia, totalling over Rs 732 crore.

Sensex snaps 7-day losing streak, closes 23 pts higher

Volatility may remain high on the bourses this week in view of expiry of futures and options (F&O) March contract on Thursday.

The market will remain closed on Wednesday and Friday on account of Holi and Good Friday, respectively. In 30-BSE index components, 15 stocks closed higher led by Hindustan Unilever, ITC Ltd, Infosys, ICICI Bank, HDFC Bank, HDFC Bank, Bharti Airtel and Coal India.

However, the most heavy on the benchmark Reliance Industries tumbled by 3.25 per cent to Rs 783.40, Hero MotoCorp by 2.69 per cent to Rs 1,572.50, Larsen and Toubro by 2.24 per cent to Rs 1,337 and BHEL by 1.76 per cent to Rs 176.30. The stock of Hindalco remained unchanged at Rs 88 in limited deals.

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