Mumbai : Ignoring weak global markets, the benchmark Sensex on Monday reversed initial losses and closed up with a gain of over 116 points at two-week high of 27,206.74 on the back of buying in blue-chips like ITC and ONGC.
The 30-share BSE Sensex resumed lower following weak Asian cues and dropped to a low of 26,918.93, revealing a fall of over 170 points from previous close. After mid-session, the index rebounded on buying in select key counters to settle with a gain of 116.32 points or 0.43 per cent at 27,206.74, a level not seen since September 9, 2014 when it had settled at 27,265.32.
The wide-based 50-issue CNX Nifty of the NSE also moved up by 24.85 points or 0.31 per cent to end at 8,146.30 in the fourth straight day of rise.
“Nifty has regained above 8100 level, which is a positive indicator in near term. The index is consolidating at higher levels with positive bias. In coming sessions, global cues and economic news shall be crucial triggers for further market direction,” said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio.
Tobacco products major ITC was among most sought after stocks as it closed up by 3.12 per cent, contributing over 60 points to the Sensex kitty. Tata Motors, ONGC, HDFC and SBI also notched hanesome gains and supported the Sensex rise.
However, Infosys, Sun Pharma, Cipla and Tata Steel suffered losses.
Consumer durable, FMCG, Auto and Refinery segments attracted good buying support while Metal, Pharma and Realty counters were at the receiving end.
Markets will remain volatile with side-way movements during the week on cautioun ahead of monthly expiry of futures & options (F&O) on Thursday.
Meanwhile, Foreign Portfolio Investors (FPIs) sold shares worth a net Rs 6.53 crore on last Friday as per provisional data issued by stock exchanges.
Globally, Asian shares slipped on profit-taking and Europe was trading weak in noon trades.