Sensex snaps losing run despite global sell-off

Snapping its three-day losing run, the benchmark Sensex rose 271 points on Thursday following gains in banking and energy stocks despite a massive sell-off in global equities.

The index settled 271.02 points, or 0.66 per cent, higher at 41,386.40. It hit an intra-day high of 41,413.96 and a low of 41,098.91.

The broader Nifty gained 73.45 points, or 0.61 per cent, to end at 12,180.35, ending its four-day losing streak.

Larsen & Toubro (L&T) was the top gainer in the Sensex pack, rising 2.98 per cent after the company reported a 15 per cent rise in its consolidated net profit at ~2,560.32 crore for the December quarter.

Bharti Airtel, facing ~35,586 crore demand for AGR dues, rose 1.8 per cent after the telecom firm said it would wait for the outcome of modification petition listed for hearing before the Supreme Court next week. People in the know added that the DOT had advised its departments to not take coercive action against the telcos for failing to pay AGR dues by the January 23 deadline set by the Supreme Court.

Banking stocks also recovered after recent losses. SBI rose by 2.26 per cent, Axis Bank by 1.41 per cent, Kotak Bank by 1.14 per cent and ICICI Bank by 0.96 per cent. ONGC gained 1.12 per cent amid a fall in global crude oil prices.

Other gainers included M&M, Titan, Infosys, and Ultratech Cement. Tech Mahindra, Powergrid, TCS, Bajaj Auto, Reliance Industries and Maruti ended in the red.