Sensex snaps 5-day losing streak on value buying, closes up 75 points

The Bombay Stock Exchange (BSE) building in Mumbai. File
| Photo Credit: REUTERS

Stock markets snapped their five-day losing run on Friday with the benchmark BSE Sensex closing higher by 75 points on value-buying in banking and oil shares after recent losses.

The 30-share BSE Sensex rose by 75.71 points or 0.10 per cent to settle at 73,961.31. During the session, it hit a high of 74,478.89 points and a low of 73,765.15 points.

Halting its five-day losing streak, the 50-share NSE Nifty rose by 42.05 or 0.19% to end at 22,530.70. Nifty and Sensex tanked more than 2% in the five days to Thursday amid high volatility ahead of the results of the Lok Sabha polls.

“The pre-election trading strategy has come to an end, and all eyes will be on the release of the exit poll for further action. Regional diversions, marginally low voter turnout and strong resistance at current range are prompting investors to adopt a cautious stance,” Vinod Nair, Head of Research, Geojit Financial Services said.

From the Sensex pack, Tata Steel, Bajaj Finance, HDFC Bank, Power Grid, IndusInd Bank, Larsen & Toubro, ICICI Bank were among the gainers.

Nestle India, Tata Consultancy Services Maruti Suzuki India, Infosys, Axis Bank, Hindustan Unilever were the laggards..

In Asian markets, Shanghai, Tokyo, Seoul and Hong Kong were closed on a mixed note. European stock markets were trading lower. Major indices on Wall Street ended lower on Thursday.

Global oil benchmark Brent crude went lower 0.40% to $81.53 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,050.15 crore on Thursday, according to exchange data.