Sensex, Nifty snap five-day fall

MUMBAI, Dec 21 (Business Standard): India's benchmark shares indices ended over 3 per cent higher Wednesday, snapping a five-day losing streak, on the back of shortcovering, with Reliance Industries and financials leading the gains. The 30-share Sensex provisionally ended at 15,726 up 551 points or 3.5 per cent and the 50-share Nifty provisionally ended at 4,704 up 160 points or 3.5 per cent. Markets have rallied ahead significantly on renewed buying interest and short covering in select financials and index heavyweights Reliance Inds and Infosys. The Sensex has jumped 500 points and Nifty has surged by over 140 points. RIL was up 4 per cent and Infosys has gained by 3 per cent. ICICI Bank has gained by 8 per cent. HDFC Bank has surged by 5 per cent and HDFC has gained by 4.6 per cent. Markets have extended their gains in noon trades led by banks, capital goods and index heavyweights Reliance Industries, HDFC and Infosys and ICICI Bank. Further, firm opening of the European markets has also cheered the sentiment amongst local investors. The CAC-40, DAX and FTSE-100 are up 0.7-3 per cent. By 1420 hrs, the Sensex was up 297 points at 15,473 and the Nifty surged 86 points at 4,630. The markets made a gap-up opening on the back of strong global cues and the Sensex had touched a high of 15,514 so far. ICICI Bank has topped the buyers list in Sensex 30 stocks, zooming nearly 6 per cent to Rs 691 after 17 per cent fall in past eleven trading days on the Bombay Stock Exchange (BSE).