Rubbing out intra-day losses of more than 260 points, the 30-share index BSE Sensex, on Friday, closed the week on a positive note.
The BSE Sensex gained 82 points to end above the psychological 16,000 mark on emergence of value-buying in fundamentally strong scrips headed by State Bank of India and a spiky recovery in the Indian currency from all-time lows.
The Sensex, which dropped to 15,809.71 during morning trade on Friday, regained 82.27 points, or 0.51% to end the day at 16,152.75.
Brokers stated that the stock market started the day on a pessimistic note as the index dropped below the key 16,000 level as Indian unit tumbled to a new record low of 54.90 amid mounting concerns over worsening Eurozone disaster as Moody's demoted 16 Spanish banking institutions.
The trading sentiment was soured after data showed retail inflation in the country rose to 10.36 per cent.
But, the revival was led by SBI after it registered significant growth in profits during the fourth quarterly period and declared 350% dividend.
The shares gained 5.08% to Rs. 1,942 after touching a low of Rs. 1,820 during the session.
The Indian currency also made recovery at mid-way to Rs 54.44 as against its all-time low levels of 54.90 in early trade.
The growth in the Indian market was chaired by stocks belonging to banking, FMCG and refinery.
Among the Sensex pack, 19 scrips ended with positive returns while 11 closed with losses.
On similar lines, the broad-based Nifty, after slipping below a crucial 4,800 levels, recovered to close higher by 21.25 points.
- Reportedly Pfizer and Allergan Considering a Combination
- Ted Cruz Unveils Flat Tax Plan, Says it will Spur Economic Growth
- Samsung’s Business Moving in the Right Direction; Quarterly Profits Surpass Estimates
- Feds December Rate Hike Agenda Pushes Dollar to 2-1/2-months High
- Comcast Corp Reports Gain in Q3 Revenue