Sensex gains over 149 pts on firm global cues

The Sensex broke its three-session losing streak and bounced back over 149 points to close at 17,988.30, on buying at lower levels amid firm global cues, despite high crude oil prices.

The market started on a firm note on the back of smart rally in Asian stocks, following gains on the Wall Street on Monday, as airstrikes on Libya were offset by easing concerns over the Japanese's nuclear crisis. Besides, $39-billion T-Mobile merger deal announced by AT&T propped the US stock market.

Although global crude oil prices have softened a bit from their recent highs in view of the Middle East crisis, they are still ruling at over $103 in New York, amid US-led air attacks on Libya. Brokers said that arrested big gains.

The Bombay Stock Exchange 30-share barometer resumed firm and remained in the positive terrain throughout the day to close at 17,988.30, a rise of 149.25 points or 0.84 per cent. In previous three sessions, Sensex had tumbled 519.64 points or 2.83 per cent.

The NSE 50-share Nifty also bounced back 49.10 points or 0.92 per cent to 5,413.85.

Brokers said introduction of the Constitution Amendment Bill in the Lok Sabha to facilitate the implementation of Goods and Service Tax (GST) - an indirect tax regime that would include levies like excise, service tax and sales tax - also help boost the sentiment.

All sectoral indices ended in the green with realty, auto and health care as the pace-setters.

"Markets snapped three day fall to end up positive in anticipation of global stability. All the sectors saw increment as the investors started bargain hunting at lower levels," said Motilal Oswal Securities Manager Derivatives Bhavin Desai.

On the other hand, IIFL Head of Research (India Private Clients) Amar Ambani said, "Wall Street enjoyed a good trading session last night amid growing optimism about the state of the US economy. European stocks also extended gains overnight and today."