Sensex, Nifty end higher; break 5-day losing streak

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Sensex, Nifty end higher; break 5-day losing streak
The Sensex and the Nifty rallied in trade today, breaking a 5-day losing streak, despite weak global cues.

The Sensex ended the day higher by 41 points, while the Nifty gained 4.55 points in trade. Among the gainers in trade were the recently hammered metal stocks, which saw a short covering rally. Hindalco, Jindal Steel and Tata Steel saw sharp rally in their share prices.

Other Nifty stocks that gained ground in trade today were ONGC and Reliance Industries. Larsen and Toubro which saw a sharp fall in prices on Friday recovered ground on buying interest.

Among the mid cap stocks Century Textiles saw buying interest after the company announced fund raising plans. PSU banking major, Canara Bank gained ground after the company reported an improvement in asset quality.

Shares in Bharti Infratel touched a 52-week high on investment buying. Wind turbine maker, Suzlon jumped six per cent, taking the yearly rally to almost 39 per cent on hopes that the company would break even next year.

Mid cap stocks also saw a sudden buying interest with stocks like JSW energy rallying significantly. Realty stocks did not have a good day in trade with HDIL, DB Realty and Oberoi Realty all dropping in trade.

Software stocks also saw some selling pressure with HCL tech dropping 3 per cent and Infosys ending the day lower by one per cent.

Meanwhile, markets across Asia declined after weaker than expected HSBC PMI Data. The Hong Kong's Hang Sang and the Shanghai Composite both fell in trade.

GoodReturns.in

Story first published: Monday, May 5, 2014, 14:54 [IST]
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