Markets snap 7-day losing streak over better earnings

Bargain hunting by investors after seven consecutive days of losses propelled key Indian equity indices to close on a higher note on Thursday.

The BSE Sensex jumped over 330 points, or 0.97 per cent, to close at 34,413.16 points -- its biggest single-session gains in two weeks. The NSE Nifty recovered over 100 points, or 0.96 per cent, to end at 10,576.85 points. Value-buying in recently battered banking counters, as also in pharma and IT stocks revived optimism on the domestic bourses. Investor sentiments also got a boost from the improved outlook on economic growth and falling crude prices. Brent crude futures tumbled to a sixweek low of $65.16 per barrel. A fall in crude prices is seen as positive for India, which imports most of its oil. "Domestic earnings positivity and optimism in Asian peers led Indian market higher after RBI’s status quo stabilised markets. However, investors will continue to keep a watchful eye on global volatility, with Europe continuing to see vulnerability ahead of BOE rate decision," said Anand James, Chief Market Strategist, Geojit Financial Services. The BSE healthcare index took pole position among sectoral indices, gaining the most by 2.91 per cent, followed by realty 2.51 per cent, telecom (1.45 per cent), capital goods (1.44 per cent), technology (1.41 per cent), IT (1.40 per cent), metals (1.35 per cent), consumer durables (1.32 per cent), auto (1.17 per cent) and bankex (1.12 per cent). Sun Pharma emerged the smartest of the Sensex lot, surging 6.32 per cent. Dr Reddy's firmed up 3.18 per cent.