Breaking a three-day losing run, the BSE benchmark Sensex today closed 22 points up at 19,568.22 on buying in Reliance Industries, ONGC and HDFC Bank shares at low levels even as global markets fell on fears that an early withdrawal of US monetary stimulus will impact inflows.
Smart surge in Sensex heavyweight Reliance Industries (RIL) ahead of annual general meeting (AGM) scheduled tomorrow mainly aided Sensex's upmove. The company's share prices rose by 2.56 per cent and was the top gainer among the Sensex pack.
The Bombay Stock Exchange 30-share barometer gyrated in a small range between a high of 19,604.43 and a low of 19,441.35 before settling at 19,568.22, a gain of 22.44 points or 0.11 per cent. In last three straight trading days, it had lost 669.62 points or 3.31 per cent.
"The street is expecting new announcements in telecom and connectivity space where RIL operates Reliance Jio Infocomm. As a result, buying interest was also seen in RCom," said Milan Bavishi, Head Research, Inventure Growth and Securities.
The market was also influenced by a HSBC survey that showed India's services sector activity expanded in May -- and the pace was the fastest in three months.
The 50-issue CNX Nifty of the NSE edged up by 4.40 points, or 0.07 per cent, at 5,923.85. Also, MCX-SX flagship index, SX40, ended up by 5.77 points, or 0.05 per cent, at 11,615.84.
Sun Pharma rose nearly 2 per cent after Sweden's Meda denied reports of stake sale. Meanwhile, Just Dial today made a smart debut on the bourses, listing with a gain of 12.61 per cent at Rs 611.45.
However, global markets were under pressure. In Europe, FTSE (UK), CAC (France) and DAX (Germany) were trading down over one per cent each on concerns over US Fed stimulus.
Asian indices closed with deep cuts. Japan's Nikkei shed 4 per cent after Prime Minister Shinzo Abe's much-awaited speech on economic growth disappointed investors. Straits Times, Hang Seng, Kospi and SET Composite ended with up to 2.1 per cent losses.
