BSE Sensex rebounding over 141 points on sustained buying in IT stocks and a recovery in PSU bank counters. firming trend in Asia and a slide in crude oil prices featured on the top among the contributing factors.
Also , short-covering by speculators ahead of February F&O expiry tomorrow added to the upward move.The 30-share Sensex, after touching the day’s high of 33,911.36, succumbed to profit-booking and hit a low of 33,702.50 before settling 141.27 points , or 0.42 per cent , higher at 33,844.86.
The gauge had lost 593.88 points in the previous three sessions , largely dragged down by sustained foreign fund outflows and concerns over tumbling rupee.
Losses in Sun Pharma , Indusind Bank , Tata Steel , Tata Motors , Bajaj Auto , NTPC , L&T , HDFC Bank , HUL , Power Grid , Asian Paints and M&M , however , squeezed the upside.
The BSE IT took the pole position among sectoral indices, gaining the most by 2.20 per cent, followed by teck 1.79 per cent , FMCG 0.75 per cent, oil and gas 0.42 per cent , banking 0.29 per cent , infrastructure 0.11 per cent and PSU 0.07 per cent.
Bucking the trend, the small-cap and mid-cap indices ended lower by up to 0.17 per cent.
Oil prices witnessed a decline, weighed down by the rebound of the US dollar.
US West Texas Intermediate crude futures were at USD 60.98 a barrel , down 81 cents , or 1.31 per cent and Brent crude oil fell USD 64.46a barrel , down 0.79 cents , or 1.21 per cent from their last settlement.
European markets showed a weak trend in their early deals. Frankfurts DAX was down 0.74 per cent ; while Paris CAC shed 0.55 per cent.