Markets snap 4-day losing streak, Sensex jumps over 427 pts

Mumbai: Propelled by a rally in index heavyweight Reliance Industries, benchmark Sensex shares broke its four-session losing streak to close above the 55,000 mark on Thursday despite a weak trend to the stranger.

Investors made a cautious comeback in computer, pharmaceutical and banking stocks after their recent sell-off. However, the depreciation of the rupee and persistent outflows of foreign funds capped gains, traders said.

Overcoming a lackluster start, the 30-stock BSE Sensex jumped 427.79 points or 0.78% to close at 55,320.28.

Similarly, the broader NSE Nifty advanced 121.85 points or 0.74% to end at 16,478.10.

Dr. Reddy leads the Sensex winners chart with a 3% jump, followed by Reliance Industries, Bharti Airtel, Sun Pharma, Tech Mahindra, Kotak Mahindra Bank, Wipro and Infosys.

In terms of value, Reliance Industries accounted for about half of the benchmark’s gains.

On the other hand, Tata Steel, NTPC, UltraTech Cement, Bajaj Finance, SBI, Asian Paints and HCL Tech were among the main laggards, losing up to 3.81%.

The breadth of the market was in favor of the bulls, with 20 of the 30 Sensex components closing in the green.

Meanwhile, the international crude oil benchmark Brent slipped 0.13% to $123.42 a barrel.

The rupiah depreciated 6 paises to close at 77.74 against the US dollar on Thursday, weighed down by high crude oil prices and continued foreign capital outflows.