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Market halts nine-day losing streak; Sensex spurts 227 points to close at 37,319, Nifty gains 74 points

Mumbai: Indian equities on Tuesday reversed their nine-session losing streak, with the BSE Sensex recovering over 227 points and the NSE Nifty regaining nearly 74 points, helped by gains in pharma, banking and energy stocks.

Sensex heavyweights Reliance Industries, ITC and SBI were mainly responsible for the recovery.

In percentage terms, however, Sun Pharma topped the chart with 5.87 percent. Other major gainers include Bharti Airtel, Vedanta, IndusInd Bank, SBI and RIL -- rising as much as 5.40 percent.

On the flip side, TCS, HCL Tech, Bjaja Finance, Bajaj Auto and Infosys were among the top losers on the 30-share index.

 Market halts nine-day losing streak; Sensex spurts 227 points to close at 37,319, Nifty gains 74 points

Stock brokers. Representational image. Reuters.

The gauge started off the session on a slightly positive note at 37,146.58 against the previous close of 37,090.82. Intra-day, the index touched a high of 37,572.70 and a low of 36,956.10. It finally settled the day at 37,318.53, gaining 227.71 points or 0.61 percent.

Similarly, the NSE gauge Nifty opened higher at 11,151.65 and touched a high of 11,294.75 and low of 11,108.30 during the session. It finally ended at 11,222.05, 73.85 points or 0.66 percent higher.

On Monday, Indian bourses had registered losses for the ninth consecutive session.

In the last nine sessions, the Sensex had lost 1,940.73 points and the Nifty has given away nearly 600 points.

The Tuesday's trade, mainly the first half of the session, was marked by intense volatility as investors appeared cautious weighing a host of headwinds like concerns on the macro-economic front, US-China trade war tensions and uncertainty over the election outcome.

Meanwhile, the Indian rupee staged a mild recovery, trading 13 paise higher at 70.38 against the US dollar in intra-day.

In Asia, all leading bourses witnessed mild to heavy sell-offs on Tuesday after US-China trade war further intensified.

In a retaliatory move, China on Monday said it would raise tariffs on US goods worth nearly $60 billion.

Brent Futures, global crude oil benchmark, traded higher at $70.89 per barrel, up 0.94 percent, on concerns about supply disruptions in view of geopolitical tensions in the crucial oil-producing region of the Middle East.

The escalating trade war between the US and China is causing more market volatility around the world.

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Updated Date: May 14, 2019 16:44:44 IST