Mumbai, Nov. 21: The markets’ three-day losing streak snapped today when bargain-hunters crawled out of the woodwork in search of promising stock-picks and helped the BSE sensex sign off with a 67-point gain.
Brokers said a sudden surge of buying in index-heavyweights, especially old economy stocks quoting at alluringly low prices, was at the heart of the rebound.
The rally, which also saw NSE’s nifty jump 18.40 points at 1,540.70, did not completely dispel the pall of uncertainty that hung over bourses ever since reports came in that the year-end FII repatriation of funds has begun. The sensex has lost 73.22 points, or 1.5 per cent, this week.
Things did not look different this morning, when indices opened on a tepid note amid concerns that Thursday’s Istanbul blasts would unnerve foreign already spooked by rash of terror strikes in recent months.
The market swung either way in the first half of the session, but buying from operators, foreign funds and bears rushing to cover short positions drove up shares.
In the BSE’s A group, 104 shares advanced and 88 retreated. Satyam Computer was the most traded stock with a turnover of Rs 202.81 crore, followed by Tisco at Rs 194.01 crore. Reliance, among the day’s big gainers with a jump of Rs 10.60 at Rs 460.50, was in the spotlight. Other gainers were Tata Motor, Tata Steel and BSES.