Sensex snaps 4-day losing streak, rallies 265 points

Mumbai, Jun 24 :  The benchmark S&P BSE Sensex snapped its four-day losing streak by recovering 265 points in morning trade on fresh buying mainly in realty, power, refinery, metal and banking sector stocks on the back of higher Asian cues. The Sensex resumed higher at 25,115.83 and firmed up further to 25,311.24 before quoting at 25,296.37 at 1000hrs, showing a gain of 265.05 points or 1.06 per cent from its last close.

The NSE 50-share Nifty also rose by 71.45 points, or 0.95 per cent, to 7,564.80 at 1000hrs. Major gainers were Gail India (2.66 pct), HDFC (2.30 pct), ITC (1.97 pct), M&M (1.73 pct), Tata Power (1.57 pct), Reliance Ind (1.53 pct), BHEL (1.49 pct) and SSLT (1.40 pct).
Asian stocks rose in their early trade amid volatility. Key benchmark indices in South Korea, China, Singapore, Hong Kong and Taiwan were up by 0.09 pct to 0.95 pct while Japan’s Nikkei Average fell 0.36 pct.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 214.49 crore yesterday as per provisional data from the stock exchanges. Investor sentiments were also boosted by fall in global crude oil prices after fading of fears about supply disruption in the wake of Iraq crisis.