Market update: Sensex snaps three-session falling trend, rises 34 points

The benchmark Bombay Stock Exchange (BSE) index Sensex on Wednesday recovered from over one-month lows, snapping a three-day fall, by rising 34.09 points to end at 27,831.10.

The BSE index was helped by gains in bluechips, including State Bank of India (SBI), Oil and Natural Gas Corp (ONGC) and Tata Power, on value-buying and positive cues from European markets.

In volatile movements, the 30-share BSE barometer resumed lower and slipped further to hit an intra-day low of 27,710.03 as investors grappled with effects of tougher Chinese rules on lending and political instability concerns in Greece.

However, emergence of buying in afternoon trade helped the gauge wipe off initial losses to close higher at 27,831.10, logging a rise of 34.09 points, or 0.12 per cent. The Sensex had lost 765.81 points in the previous three sessions.

Among the 30 Sensex scrips, 13 constituents led by SBI, ONGC, Tata Power, Tata Motors, Cipla, Dr Reddy, Hero MotoCorp, Sesa Sterlite, ICICI Bank, HDFC Bank, NTPC, ITC Ltd and Axis Bank closed higher, helping Sensex to end in the green.

Fall in BHEL, GAIL, Hindustan Unilever, Tata Steel, Bajaj Auto, Wipro, L&T, RIL, TCS, Coal India, HDFC, Hindalco, M&M and Maruti Suzuki shares, however, weighed.

Shares of Bharti Airtel, which gained over 2 per cent in early trade after telecom tribunal TDSAT set aside Rs 650 crore penalty imposed by the Department of Telecom (DoT), succumbed to profit-booking towards market closing hours and ended 0.16 per cent down.

The broader 50-share National Stock exchange (NSE) index Nifty also recovered by 14.95 points (or 0.18 per cent), to end above the 8,350-mark at 8,355.65.

Second-line shares were also back in form on a fresh spell of buying support from retail investors.

Shares of jewellery makers surged on speculation that the government may announce changes to gold-import rules for trading houses.

Gitanjali Gems stock surged 8.53 per cent, followed by TBZ (4.46 per cent), PC Jewellers (2.31 per cent) and Titan (3.99 per cent).

The BSE Mid-cap and BSE Small-cap indices closed higher by 0.93 per cent and 1.06 per cent respectively.

Meanwhile, Foreign Portfolio Investors (FPIs) sold shares worth a net Rs 221.52 crore on Tuesday as per provisional data.