Sensex snaps 3-day losing run, ekes out 187 points gain

The market was keenly awaiting the outcome of RBI’s monetary policy committee (MPC) and inflation data in the US, both scheduled for later this week.

For the day, the BSE Sensex closed at 57,808.58, up 187.39 points or 0.33 per cent. The NSE Nifty closed the day at 17,266.75, up 53.15 points or 0.31 per cent. Midcap and smallcap indices fell up to 1.5 per cent as two of every three BSE stocks settled in the red.

“Selling pressure from FPIs was countered by bargain hunting by domestic investors. European shares were also up over ECB President’s comments stating that there are lower chances of a measurable tightening of monetary policy, which helped in comforting global investors,” said Vinod Nair of Geojit Financial Services.

Among Sensex stocks, Tata Steel climbed 3.10 per cent to Rs 1,219.55. It was followed by Bajaj Finance, Bajaj Finserv, Reliance Industries and Titan Company which rose 1-2 per cent. Asian Paints, Axis Bank and Maruti Suzuki also gained over 1 per cent each.

Weakness was seen in Power Grid which declined 1.66 per cent to Rs 210.10. TCS declined nearly 1 per cent to Rs 3,742.40. UltraTech Cement, Tech Mahindra, Kotak Mahindra Bank, and L&T declined up to o.7 per cent.

“We have been seeing a roller coaster ride since the Union Budget and the scheduled MPC meet is likely to keep the volatility high. Besides, the global cues also do not portray any favourable picture. Market participants should continue with the cautious stance and limit leveraged positions,” said Ajit Mishra, VP for Research at Religare Broking.

Just after-market hours, Bharti Airtel posted a net profit after exceptional items of Rs 830 crore for the December quarter, down 2.8 per cent over Rs 854 crore in the corresponding quarter last year. The scrip ended the day 0.33 per cent higher at Rs 708.85.