Markets Snap 7-Day Losing Streak; Sensex Gains 330 Points

(Photo: Reuters)

Sensex posted its biggest single-session gains in two weeks.

Domestic bourses on 8 February, Wednesday, witnessed a relief rally as both benchmark indices Sensex and Nifty reversed their seven-day losing spell as participants went for value-buying also encouraged by positive Asian bourses.

The flagship BSE Sensex posted its biggest single-session gains in two weeks by rising 330.45 points, or 0.97 percent, to end at 34,413.16.

Sentiment got a boost after Brent crude futures tumbled to a six-week low of $65.16 per barrel. A fall in crude prices is seen as a positive for India, which imports most of its oil requirements, traders said.

The 30-share barometer Nifty stayed in the green through the the session on continued buying by DIIs (Domestic Institutional Investors) and retail investors and hit a high of 34,634.35.

However, profit-taking in the later part of the session, in sync with weak opening in European shares, cut down Sensex gains to some extent and finally settled 330.45 points, or 0.97 percent higher at 34,413.16.

The index had lost 2,200.54 points in the previous seven sessions amid negative domestic as well as global cues.

Also, the broader NSE Nifty bounced by 100.15 points, or 0.96 percent, higher at 10,576.85 after touching a high of 10,637.80 and 10,479.55.

The Indian equity benchmarks snapped their seven-day losing streak, the longest in over four months, led by Infosys, HDFC, State Bank of India and Sun Pharma.

The mid-cap and small-cap shares outperformed their large-cap counterparts as the S&P BSE MidCap Index gained 1.8 percent and the S&P BSE SmallCap Index surged 2.2 percent.

All sector gauges compiled by the National Stock Exchange ended higher, led by the Nifty Pharma index's 3.6 percent gain.