Sensex snaps 4-day losing run, closes 428 points higher

The 30 stock S&P BSE Sensex surged 427.79 points or 0.78 per cent to close at 55,320.28 points against its previous day's close at 54,892.49 points.

The Sensex has closed in the positive for the first time in the last five trading sessions. The Sensex had slumped 214.85 points or 0.39 per cent on Wednesday after the Reserve Bank of India (RBI) hiked the policy repo rate by 50 basis points to tame inflation.

The markets witnessed a volatile session. The Sensex started the day in the red at 54,514.17 points and slumped to a low of 54,507.41 points in the early morning trade. The Sensex turned positive later in the day. Strong buying support in the last hour of the trading pushed the Sensex to a high of 55,366.84 points in the intra-day.

The broader Nifty 50 of the National Stock Exchange jumped 121.85 points or 0.74 per cent to 16,478.10 points against its previous day's close at 16,356.25 points.

The Nifty started the day in the negative at 16,263.85 points and slumped to a low of 16,243.85 points in the morning trade. The Nifty surged to a high of 16,492.80 points in the intra-day.

Reliance Industries led the rally in the market. The index heavyweight surged 2.73 per cent to Rs 2798.60.

Dr Reddy's Laboratories jumped 3 per cent to Rs 4326.10. Bharti Airtel surged 2.01 per cent to Rs 676.50. Sun Pharma jumped 1.36 per cent to Rs 858.40.

There was strong buying support in IT stocks. Tech Mahindra jumped 1.31 per cent to Rs 1138.80. Wipro rose 0.99 per cent to Rs 475.10. Infosys climbed 0.98 per cent to Rs 1514.60. TCS closed 0.69 per cent higher at Rs 3426.55.

Tata Steel slumped 3.81 per cent to Rs 1045.35. NTPC dipped 1.18 per cent to Rs 155.20. Ultra Tech Cement fell 0.93 per cent to Rs 5481.80.

Only 10 of the 30 crips that are part of the Sensex closed in the red. Bajaj Finance, State Bank of India, Asian Paints, HCL Technologies, Bajaj Finserv and Hindustan Unilever were among the major Sensex losers. (ANI)