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Sensex snaps 3-day losing run

Mumbai: Snapping its three-day losing run, market benchmark index Sensex rose by 271 points on Thursday following gains in banking and energy stocks despite a massive sell-off in global equities. 

The 30-share BSE Sensex settled 271.02 points, or 0.66 per cent, higher at 41,386.40. It hit an intra-day high of 41,413.96 and a low of 41,098.91.

The broader NSE Nifty gained 73.45 points, or 0.61 per cent, to end at 12,180.35, ending its four-day losing streak.

Larsen & Toubro (L&T) was the top gainer in the Sensex pack, rising by 2.98 per cent, after the company reported a 15 per cent rise in its consolidated net profit at Rs 2,560.32 crore for quarter to December 2019.

Bharti Airtel, which is facing Rs 35,586 crore demand for AGR dues, rose by 1.8 per cent after the telecom firm said it will wait for the outcome of modification petition listed for hearing before the Supreme Court next week. Sources also said that the DoT has advised its departments to not take any coercive action against the telcos for failing to pay AGR dues by the January 23 deadline set by the Supreme Court. 

Banking stocks also recovered after recent losses. SBI rose by 2.26 per cent, Axis Bank by 1.41 per cent, Kotak Bank by 1.14 per cent and ICICI Bank by 0.96 per cent.

ONGC gained 1.12 per cent amid a fall in global crude oil prices.

Other gainers included M&M, Titan, Infosys, and Ultratech Cement.

Tech Mahindra, PowerGrid, TCS, Bajaj Auto, Reliance Industries and Maruti ended in the red.

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