Market rebounds after 5days

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Mumbai:Benchmark indices snapped five-day losing streak, amid a volatile trading session, led by gains in engineering major L&T and renewed buying interest in Hindustan Unilever and financial shares. The 30-share Sensex ended up 214 points at 27,890 and the 50-share Nifty closed up 52 points at 8,430.

Markets opened higher and remained rangebound during the first half of the trading session only to fall sharply in late noon trades spooked by a weak monsoon forecast. Intra-day, the Sensex touched a low of 27,385.48 and the Nifty slumped to 8,284.70. However, a sharp rebound in late trades led by financials lifted the Nifty above the 8,400 mark.In the broader market, both the BSE Midcap index, up 0.4% and Smallcap index, ending flat underperformed the front-liners. Market breadth in BSE ended positive with 1,374 advances against 1,368 declines. The first forecast of Monsoon rains, released today by Indian Meteorological Department (IMD), predicted that the rainfall during the season may fall below normal adding to the worries over the possible build-up of an El Nino condition in South Asian region threatening severe to moderate disruption of rains. On the political front, proceedings of the Parliament will be keenly watched as the government gears up to pass the Constitution Amendment Bill for the levy of Goods and Services Tax (GST) in the country which promises to integrate state economies and boost national growth. The bill was introduced in Lok Sabha in December.

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