Sensex trades in a tight range, banks, auto save the day

Mumbai : In a range-bound session, benchmark BSE Sensex ended higher by 19 points at 28,372.23, snapping its two-day losing spell, on fag-end buying in banking, auto and consumer durables amid positive European cues. The 30-share index resumed lower at 28,345.49 and dropped further to 28,259.38 due to initial heavy selling pressure as wholesale inflation soared to a two-year high of 3.74 per cent in August. Industrial output contracted by 2.4 per cent in July, reflecting the worst performance in 8 months mainly due to declining output in manufacturing and capital goods sectors.