After trading flat during the previous trading hour, the Sensex bounced back into the positive zone on the back of buying action witnessed across frontliners.

The market was trading sluggishly due to lack of cues. Oil & gas, metal and FMCG stocks went up, while select power and IT stocks declined.

BSE Midcap and Smallcap index gained 0.52% and 0.46%, respectively.

The 30-share index, BSE Sensex, today (Jan 30) belled the day at 9,111.12 after losing 125.16 points.

At 01:09 p.m., the 30-share index Sensex was trading up by 65.98 points at 9,302.26 after hitting a high of 9,311.64 and a low of 9,087.36.

Meanwhile the broad based Nifty gained 20.45 points at 2,844.40 after touching a high of 2,847.20 and a low of 2,774.10.

The overall market breadth was positive as it saw 1,104 advancements as against 1,016 declinations.

The major gainers in the 30-share index included Jaiprakash Associates (5.46%), Reliance Energy (4.03%), Oil & Natural Gas Corporation (3.16%), Maruti Suzuki India (2.88%), Reliance Communications (2.59%), and Reliance Industries (2.50%).

The major losers were Sun Pharmaceutical Industries (6.68%), Bharat Heavy Electricals (2.81%), Tata Motors (2.19%), Mahindra & Mahindra (1.27%), NTPC (1.18%), and ICICI Bank (0.86%).

Technical Analyst, Vishwas Agarwal said, “As said earlier markets will be in the safe zone only after crossing 9,350 level on the BSE. It was unable to sustain this level so many stocks came down from their high levels. There was no buying seen in the market. The current rise witnessed was due to short coverings only and I feel February month his going to be weak. We will then see high value erosion in the banking stocks. I feel that market is unsafe and volatile with news based movement. ``

“FII attitude is also negative and is the main cause of dullness. Cautious trading advised until above given level is not sustained,” Mr. Agarwal added.