Sensex spurts 318 points on value-buying

Reversing a six-session slide, benchmark Sensex zoomed 318 points to end at 33,351 on Thursday as participants accumulated recently beaten down stocks amid positive global cues.

Markets benefited from value buying in beaten-down stocks and a firm trend in overseas bourses, boosted by easing fears of a global trade war as the White House signalled it would water down plans for contentious metal tariffs, brokers said.

Stocks of state-run lenders staged a rebound in late afternoon trade on short-covering, they added.

The 30-share Sensex stayed in the positive zone throughout the session on unabated buying by domestic institutional as well as retail investors and hit a high of 33,439.97. It finally settled at 33,351.57, showing a robust gain of 318.48 points, or 0.96 per cent.

This is its biggest single-day gain since February 23, when it had jumped 322.65 points.

The index had lost 1,412.66 points in the previous six sessions on negative domestic as well as global cues.

The broader NSE Nifty reclaimed the key 10,200-mark and touched a high of 10,270.35, before finally settling at 10,242.65, showing a sizeable gain of 88.45 points, or 0.87 per cent. Intra-day, it hit a low of 10,146.40.

Meanwhile, domestic institutional investors (DIIs) had net bought shares worth Rs 409.34 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 719.78 crore yesterday, as per provisional data.