Market bounces on ECB stimulus hopes
Other | Photo Credit: Reuters

The S&P BSE benchmark sensex snapped its 2-day losing streak, recovering 473 points to end at 24,435.66 on fresh buying mainly in Metal, Auto, Refinery, Banking and Capital Goods sectors on the back of sharp recovery in global markets despite foreign capital outflows.

Recovery of the rupee against the US Dollar to 67.68 per dollar in the afternoon also boosted the the market sentiment.

The S&P BSE benchmark sensex resumed higher at 24,122.06 and and firmed up further to 24,472.88 before finishing at 24,435.66, showing a gain of 473.45 points or 1.98 per cent.

The sensex had dropped by 517.63 points or 2.11 per cent in previous two days.

The NSE 50-share Nifty rose by 145.65 points or 2.00 per cent to 7,422.45.

Recovery in oil prices and comments by European Central Bank (ECB) President Mario Draghi fuelled hopes of more stimulus for Europe also boosted the market sentiment.

In Asia, Japan and Hong Kong led gains triggered by hints of more stimulus from European Central Bank (ECB) President Mario Draghi. In Japan, the Nikkei 225 Average closed 5.88 pct higher. In Hong Kong, the Hang Seng index rose 2.9 pct. Other indices in China, Singapore. South Korea and Taiwan firmed up by 1.20 pct to 2.11 pct.

Trading in US index futures indicated that the Dow Jones Industrial Average could gain 135 points at the opening bell today.

European stocks were trading higher following hints about stimulus from European Central Bank. Key indices like France, Germany and UK were trading higher by 2.09 pct to 3.14 pct.

Meanwhile, foreign portfolio investors sold shares worth Rs 1,747.23 crore yesterday, as per provisional data.

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