Business

Sensex Rebounds 172 pts To Post Surprise Rally

Tracking firm European cues, domestic equities in a highly volatile session snapped two-day falling run as the BSE sensex recovered from 19-month lows to end over 172 points higher at 24,854.11 led by a strong rally in RIL and Infosys ahead of Q3 earnings.

During the session, sensex swung almost 570 points on alternate bouts of buying and selling while some value-buying in index majors triggered the rebound.

Sentiment got a further boost from European markets, which advanced for a second day buoyed by a recovery in commodity and energy producer stocks.

Despite IIP falling at the sharpest pace in over four years in November and consumer inflation shooting up to 5.61 per cent in December, benchmarks managed a relief rally.

The 30-share sensex after shuttling between 24,956.54 and 24,387.69 settled 172.08 points or 0.70 per cent higher at 24,854.11. The index had shed 252.30 points in previous two sessions.

The NSE Nifty ended 52.10 points or 0.69 per cent higher at 7,562.40. Intra-day, it dropped to a low of 7,425.80.

The big gainers were RIL, which climbed 3.09 per cent to end the day at Rs 1,077.35 on hopes of record earnings. It is schedule to announce its third quarter results next week.

Infosys surged 3.08 per cent to Rs 1,082.35 ahead of third quarterly earnings, to be announced on Thursday.

Tata Motors also perked up by 2.65 per cent to Rs 364.45 while M&M gained 1.97 per cent to Rs 1,205.40.

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