Markets snap three-day losing streak, close over 1% higher

The stock markets rose more than 1 per cent on Thursday, snapping three straight sessions of losses, as investors bought beaten-down stocks while upbeat US markets overnight also improved sentiment.

The benchmark BSE Sensex gained 1.22 per cent, while the broader Nifty rose 1.37 per cent.

Moreover, notification of the latest reform in the retrospective tax regime buoyed investor sentiments leading to a barometer index closing 311.22 points up on Thursday.

A similar trajectory was witnessed at the wider 50-scrip Nifty of the National Stock Exchange (NSE). The CNX Nifty closed with gains of 106 points or 1.37 per cent at 7,823 points.

The S&P BSE Sensex, which opened at 25,614.69 points, closed at 25,764.78 points - higher by 311.22 points or 1.22 per cent from Wednesday's close at 25,453.56 points.

The Sensex touched a high of 25,835.41 points and a low of 25,555.77 points in the intra-day trade.

Housing Development Finance (HDFC) gained 4.10 per cent, Axis Bank rose 4.19 per cent while HDFC Bank was up 1.49 per cent.

Tata Motors rose 2.46 per cent while Maruti Suzuki gained 2.86 per cent.

Ambuja Cements was up 3.94 per cent after Nomura upgraded the stock to "buy" from "neutral".

Meanwhile IT stocks TCS rose 0.46 per cent while Infosys gained 0.03 per cent.