Sensex rises 271 pts on value buying, L&T up 3 pc

Market benchmark Sensex rose by 271 points on Thursday on the back of gains in index heavyweights Infosys, L&T, ICICI Bank and SBI, despite massive a selloff in global equities.

After gyrating over 300 points in a volatile session, the 30-share BSE index settled 271.02 points, or 0.66 per cent, higher at 41,386.40. It hit an intra-day high of 41,413.96 and a low of 41,098.91. Likewise, the broader NSE Nifty closed 73.45 points, or 0.61 per cent, down at 12,180.35.

Larsen & Toubro (L&T) was the top gainer in the Sensex pack, rising by 2.98 per cent, after the company reported a 15 per cent rise in its consolidated net profit at Rs 2,560.32 crore for quarter to December 2019. Other gainers included M&M, SBI, Titan, Infosys, Bharti Airtel and Ultratech Cement.

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Tech Mahindra, PowerGrid, TCS, Bajaj Auto, Reliance Industries and Maruti ended in the red.

According to experts, despite carnage in other Asian equities amid fears of contagion after a deadly new virus emerged from China, stock-specific action kept domestic benchmarks buoyed.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul declined up to 2.75 per cent. European markets were also trading on a negative note in their early sessions. Brent crude oil futures fell 1.22 per cent to USD 62.44 per barrel.

The rupee depreciated 9 paise to 71.28 per US dollar (intra-day).

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