CLOSING BELL: The key benchmark indices snapped their 3-day losing streak backed by steady gains in FMCG, power and select financial shares. The overall mood turned cautiously positive as the US, UK stock futures edged higher.
Earlier this morning, the S&P BSE Sensex opened 160-odd points higher at 57,312, and thereafter dipped into red to a low of 57,086 as market participants’ remains sceptic. However, the chart saw a steady incline in the latter half of the trading day.
The Sensex finally ended 479 points higher at 57,626, thus snapping its three-day losing streak. The NSE Nifty 50 reclaimed the 17,100-level, and was up 140 points at 17,124.
Among the Sensex 30 shares, PowerGrid Corporation and NTPC were the major gainers, up 3.5 per cent and 2.5 per cent, respectively. Axis Bank too soared over 3 per cent. Infosys was up 0.4 per cent ahead of its Q2 results on Thursday.
READ EARNINGS PREVIEW HERE IndusInd Bank, Mahindra & Mahindra, UltraTech Cement, HCL Technologies, Nestle India, Kotak Bank, Hindustan Unilever, HDFC, Larsen & Toubro and SBI were the other major gainers. Asian Paints and Dr. Reddy's were among the prominent losers, down 1.5 per cent each.
In the broader markets, the BSE Midcap index advanced 0.7 per cent, while the Smallcap underperformed and finished with a marginal gain of 0.2 per cent.
Among sectors, the BSE Auto, Bankex, Realty, FMCG, Metal and Power indices gained in the range of 1 - 1.7 per cent. All sectoral indices ended in green.
That apart, shares of footwear manufacturers were in limelight, as Liberty Shoes and Active Campuswear hit fresh all-time highs. Union Minister Piyush Goyal on Friday said India's footwear sector has immense potential, and it can increase production and exports 10 times in the near future.
READ MORE "Indian Footwear Industry is witnessing a very unique characteristic wherein emerging players with new ideas are beginning to challenge the might of sector leaders - Bata & Relaxo. While rising input costs and inflationary pressures are a headwind, emerging fashion trends and tie-ups with foreign brands have provided structural tailwinds to emerging players. Our Thesis played out well in Metro Brands over the last couple of months and we expect the Value Proposition with fashionable trends to positively rub off on smaller players like Khadims as the Indian Footwear Industry has the potential to grow @15% annually. Opportunities are also emerging in Asia Pacific countries", said S Ranganathan, Head of Research at LKP Securities.
The overall market breadth, however, was marginally negative, with more than 1,800 declining shares versus 1,640-odd advancing stocks on the BSE.
 "Sensex snaps 3-day losing streak, ends 479pts higher; Nifty reclaims 17,100")
