Indices snap 3-day losing streak

SENSEX SOARS 940 POINTS, NIFTY RISES 258 POINTS ON VALUE BUYING IN LARGE-CAPS

- KISHOR KADAM

AFTER THREE SESSIONS of deep cuts, the benchmark indices rebounded on Monday as investors sought do some value buying in large-caps that were beaten down heavily in the recent past. Though Brent crude prices surged to $106.5 per barrel, both the Sensex and Nifty recovered from day’s lows to close in the green.

Amid an extreme volatility, the Sensex fell 614.16 points or 0.82% to hit a day’s low of 73,949.76 in early trade. However, it bounced back, gaining 1,553.09 points, or 2.10%, from the day’s low, led by buying in index heavyweights from the banking and auto sectors. The index closed up 939.93 points, or 1.26%, from the previous close to end at 75,502.85.

The Nifty also recovered its initial loss of 196 points (0.85%) and surged 453.55 points (1.98%) from the day’s low. It closed at 23,408.80, up 257.70 points or 1.11% from its previous close.