Sensex snaps 9-day long losing streak

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SME Times News Bureau | 14 May, 2019
The Sensex snapped its nine-day long losing streak on Tuesday to end 227.71 points higher. Except for IT, stocks of all other sectors ended in the green.

Lower prices of manufactured items and key transportation fuels eased India's annual rate of inflation based on wholesale prices to 3.07 per cent in April from 3.18 per cent in March, which helped sooth investors sentiments.

Scrips of Jet Airways closed over 7.42 per cent lower after the resignation of the beleaguered airline's deputy chief executive and chief financial officer (CFO) Amit Agarwal.

"Short covering was seen in beaten down indices like banks and pharma while IT continues to under-perform due to strength of the rupee," said Vinod Nair, Head of Research, Geojit Financial Services.

"Investors are not very aggressive in the market as every rally will be used as an opportunity to book profit and remain watchful on quarterly earnings and the election verdict," he added.

The BSE Sensex jumped over 227.71 points, or 0.61 per cent, to 37,318.53 and the Nifty gained 73.85 points, or 0.66 per cent, at 11,222.05.

"Asian shares started with losses on Tuesday amid a fresh deterioration in the Sino-US tariff war, although comments from US President Donald Trump that he expected trade negotiations to be successful helped stabilise sentiments," said Deepak Jasani of HDFC Securities.