Sensex breaks losing streak; ends higher

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 Sensex breaks losing streak; ends higher
The Sensex broke an 8-day losing streak ending the day higher after smart gains in ONGC and Reliance pushed Indian benchmark indices higher.

The Nifty ended the day with gains of 24.65 points, while the Sensex gained 100 points in trade. Among the top gainers in trade today was ONGC which spiked following a better than expected financial performance.

Other Nifty stocks that gained in trade today were Sun Pharma, HCL Tech, Bharti Airtel, Coal India, Bajaj Auto, Tata Motors and Reliance Industries.

Shares of Jindal Steel dropped sharply following a disappointing set of numbers reported by the company. The worst performer from the Nifty stocks was Jaiprakash Associates which dropped more than 3 per cent, after the company's results failed to meet market expectations. Worries over the huge debt at the company also prompted investors to sell the stock.

Realty stocks cracked as the 2G ghost came back to haunt the likes of Unitech and DB Realty. Unitech dropped more than 17 per cent, while DB realty fell 20 per cent and HDIL and Indiabulls cracked almost 4 per cent.

PSU banking stocks were the other under performers in trade today with Allahabad bank, Andhra Bank, Indian Overseas Bank, Syndicate Bank and Punjab National Bank dropping in trade.

Strides Arcolabs jumped more than 6 per cent on reports that Pfizer may value Strides injectables biz unit at Rs 10000 crore.

Metal stocks ended the day subdued with Sterlite Industries, Sesa Goa, Tata Steel, JSW Steel all falling in trade.

Meanwhile, markets in Europe were trading with gains, while most of Asia closed higher. The UK's FTSE, the French CAC and the Spanish Indices were trading higher.

Indian markets are expected to take cues from global events and would now look to the Union Budget for further triggers.

Read more about: sensex, nifty
Story first published: Tuesday, February 12, 2013, 14:42 [IST]
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