Sensex snaps 4-day losing run; closes 345 points higher

Mumbai: Snapping four consecutive days of losses the Indian equities market's benchmark Sensex rallied 345 points on Friday led by strong buying support in auto, FMCG, and infra stocks.

The 30 stock S&P BSE Sensex jumped 344.63 points or 0.65 per cent to close at 53,760.78 points against its previous day's close at 53,416.15 points. Earlier, the index started the day in the positive at 53,637.88 points.

The index was rangebound most part of the day briefly slipping the red in the afternoon session. However, the markets witnessed strong buying support in the last hour of the trade. The Sensex touched a high of 53,811.37 points in the intra-day. The index hit a low of 53,361.62 points in the intra-day.

The benchmark Sensex has closed in the positive for the first time this week. The index had lost 98.00 points or 0.18 per cent on Thursday. The index had closed in the red in the first four trading sessions of this week.

The broader Nifty 50 of the National Stock Exchange rallied 110.55 points or 0.69 per cent to 16,049.20 points against its previous day's close at 15,938.65 points. The Nifty had lost 28 points or 0.18 per cent on Thursday.

Hindustan Unilever and Titan surged by around three per cent. Hindustan Unilever closed 2.87 per cent higher at Rs 2,568.75. Titan rose 2.84 per cent to Rs 2,188.90.

Auto stocks rallied. Maruti Suzuki jumped 2.55 per cent to Rs 8,780.75. Mahindra & Mahindra soared 2.14 per cent to Rs 1,166.55.

L&T, HDFC, Nestle India, Bharti Airtel, Bajaj Finance, Asian Paints and UltraTech Cement were among the major Sensex gainers.

However, IT and metal stocks tumbled. Tata Steel slumped 2.70 per cent to Rs 883.60.

HCL Technologies slumped 2.28 per cent to Rs 883.10. HCL Technologies has slumped for the third straight day on disappointing Q1 earnings.

HCL Technologies on Tuesday reported a consolidated net profit of Rs 3,281 crore for the first quarter of the current financial year as compared to Rs 3,213 crore recorded in the corresponding period of the previous year, posting year-on-year growth of 2.11 per cent.

The company's consolidated revenue for the quarter ended June 30 rose to Rs 23,464 crore as compared to Rs 20,068 crore reported in the corresponding period of the last year, posting year-on-year growth of 16.92 per cent. On a sequential basis, the company's revenue rose by 3.83 per cent. HCL Technologies had posted revenue of Rs 22,597 crore in January-April 2022 quarter.

Wipro dipped 1.93 per cent to Rs 393.85. TCS closed 0.17 per cent down at Rs 2993.55. Power Grid Corporation, Dr Reddy's Laboratories, IndusInd Bank, ICICI Bank and Tech Mahindra were among the major Sensex losers.