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Sensex ends 172 points up, Nifty tops 7,550-mark in a volatile trading day

The headline indices scuttled between red and green on disappointment over corporate earnings, concerns about China, and profit-booking in broader markets.

BT Online   New Delhi     Last Updated: January 14, 2016  | 09:14 IST
Sensex surges over 150 pts on positive Asian cues
Market breadth turned positive with 18 of the 30 Sensex components ending the day in green. Photo: Reuters

In a volatile trading session, the S&P BSE Sensex ended 172 points higher in trade on Wednesday, while broader CNX Nifty reclaimed its key 7,550-mark after falling below 7,500 level.

The headline indices scuttled between red and green on disappointment over corporate earnings, concerns about China, and profit-booking in broader markets.

The 30-share index ended at 24,854.11, up 172.08 points, while broad-based 50-share index quoted 7,562.40, up 52.10 points at close.

Market breadth turned positive with 18 of the 30 Sensex components ending the day in green.

Infosys stock was the top gainer on both the benchmark indices and gained over 3 per cent. 

Tata Consultancy Services shares (TCS) fell 1.88 per cent after third-quarter dollar revenue of the country's largest IT services exporter missed street estimates.

Sentiment was also soured as Chinese markets gave up earlier gains to end 2.4 per cent lower, underscoring the fragility of investor sentiment following last week's rout.

"The market is in a bearish mode. Many frontline stocks have hit 52-week lows, expectations from earnings are low and investors are booking profits in mid-cap stocks," said Alex Mathews, head of research at Geojit BNP Paribas.

Meanwhile, shares of Infosys gained 1.5 per cent on hopes that the valuation gap between the stock and larger rival TCS was closing. The company will declare its financial results for the December quarter on Thursday.

Among Asian markets, Japan's Nikkei finished higher for the first time in 2016. Index gained 2.88 per cent. China's mercurial markets briefely rose in the early trade only to close 2.42 per cent down, while Hong Kong's Hang Seng index gained 1.13 per cent.

Overnight, a late rebound in energy and biotech shares helped push the US markets to a second straight day of gains.

A lowdown on markets today

12:07 pm

Sensex at 24,550.35, down 131.68 points

Nifty at 7,477.10, down 33.20 points

11:00 am

Sensex at 24,865, gains 183 points

Nifty at 7,562, up 52 points

9:25 am

Sensex at 24,818.64, up 136.61 points

Nifty at 7,555.25, up 44.95 points

(With inputs from Reuters)

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