Sensex, Nifty end 5-day losing streak

Market benchmark Sensex on Tuesday bounced back by 347 points to end its fiveday losing streak helped by a recovery in banking, pharma and packaged consumer goods stocks.

The 30-share index closed at 36,652.06, up by 347.04 points or 0.96% in a volatile trade. It touched a high of 36,705.79 and a low of 36,064.10 in day trade.

The 50-share National Stock Exchange’s Nifty ended sharply higher by 100.05 points, or 0.91%, at 11,067.45 points. Intraday, it shuttled between 11,080.60 and 10,882.85.

A recovery in financial stocks led by HDFC and HDFC Bank helped the key indices break the five-day losing streak which saw the Sensex tanking 1,785.62 points or more than 5%.

Kotak Bank, Axis Bank, State Bank of India, IndusInd Bank and ICICI Bank also bounced back on positive sentiment after Life Insurance Corp. of India chairman VK Sharma commented that the insurance giant would not allow debt-ridden Infrastructure Leasing & Financial Services (IL&FS) to collapse and was exploring options to revive it.

Reports of successful fundraising by Indiabulls Housing Finance also bolstered the market sentiment, analysts said.

“After a volatile trade, market bounced back towards closing backed by renewed buying in financial & pharma stocks. Continued weakness in rupee invited investors’ attention towards export-oriented sectors and at the same time keeping fiscal path on edge. Domestic fund flow continued to add liquidity in the market due to value buying opportunity after the recent correction,” Vinod Nair, head of research, Geojit Financial Services commented.

Mixed Asian cues and a firming trend in European markets largely on the back of strong earnings accelerated buying activity towards the fag-end.

The session was marked by volatility and stock-specific action, even as the overall sentiment remains weak as a fresh round of US-China tariffs and a surge in oil prices to near fouryear highs added to worries about risks to global growth, brokers said.

MUMBAI: