Sensex snaps 5-day losing streak on value buying, closes up 75 pts

• The stock market snapped their five-day losing run on Friday with the benchmark BSE Sensex closing higher by 75 points.
• The 30-share BSE Sensex rose by 75.71 points or 0.10% to settle at 73,961.31. During the session, it hit a high of 74,478.89 points and a low of 73,765.15 points.
• Nifty and Sensex tanked more than 2% in the five days to Thursday amid high volatility ahead of the results of the Lok Sabha polls.

Stock markets snapped their five-day losing run on Friday with the benchmark BSE Sensex closing higher by 75 points on value-buying in banking and oil shares after recent losses. The 30-share BSE Sensex rose by 75.71 points or 0.10 per cent to settle at 73,961.31. During the session, it hit a high of 74,478.89 points and a low of 73,765.15 points.

Halting its five-day losing streak, the 50-share NSE Nifty rose by 42.05 or 0.19 per cent to end at 22,530.70. Nifty and Sensex tanked more than 2 per cent in the five days to Thursday amid high volatility ahead of the results of the Lok Sabha polls.

"The pre-election trading strategy has come to an end, and all eyes will be on the release of the exit poll for further action. Regional diversions, marginally low voter turnout and strong resistance at current range are prompting investors to adopt a cautious stance," Vinod Nair, Head of Research, Geojit Financial Services said.

From the Sensex pack, Tata Steel, Bajaj Finance, HDFC Bank, Power Grid, IndusInd Bank, Larsen & Toubro, ICICI Bank were among the gainers.

Nestle India, Tata Consultancy Services Maruti Suzuki India, Infosys, Axis Bank, Hindustan Unilever were the laggards.

"The domestic benchmark index, Nifty, experienced a rollercoaster ride during the day and settled the first day of the June expiry on a positive note at 22,531 levels. Technically, the index on a daily scale has formed a homing pigeon candlestick pattern, ahead of the exit polls for the Lok Sabha elections. The 50-DEMA (Days exponential moving average) is placed near 22,390, and the 100-DEMA is placed near 22,000 levels. Thus, 22,390 and 22,000 will act as short-term support points for the index, while 22,800 and 23,110 will operate as significant barriers in the short term," Hrishikesh Yedve, AVP Technical and Derivatives Research, Asit C. Mehta Investment Interrmediate

In Asian markets, Shanghai, Tokyo, Seoul and Hong Kong were closed on a mixed note. European stock markets were trading lower. Major indices on Wall Street ended lower on Thursday.

Global oil benchmark Brent crude went lower 0.40 per cent to USD 81.53 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,050.15 crore on Thursday, according to exchange data.

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