February 29, 2024

Published from Mumbai, Delhi & Bhopal

Sensex ends 6-day losing streak with 835-point surge

Mumbai, Bargain hunting and positive cues from the Asian markets lifted the Indian stock market on Friday as it ended its six-day losing streak with the Sensex jumping over 800 points.

The Nifty50 on the National Stock Exchange closed near the psychological 11,000 mark.

Investors took to bargain buying after the indices plunged around 3 per cent on Thursday, analysts said.

Healthy buying was witnessed across sectors led by IT, auto, banking and metal stocks.

Sensex closed at 37,388.66, higher by 835.06 points, or 2.28 per cent, from its previous close of 36,553.60.

It had opened at 36,991.89 and touched an intra-day high of 37,471.17 and a low of 36,730.52 points.

The Nifty50 closed the day’s trade at 10,998.60, higher by 193.05 points, or 1.79 per cent, from its previous close.

Manish Hathiramani, technical analyst with Deen Dayal Investments, said: “While the markets spent some time above the psychological level of 11,000, the weakness in the index continues. The resistance on the upside is at 11,300. Until that is not crossed, we cannot surmise that the short term bear trend has been completed and an upside rally will ensue. On the downside, the Nifty can fall to achieve the 10,750 level.”

Analysts, however, expect the volatility in the market to continue in days ahead.

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