Sensex snaps 3-day losing streak

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MUMBAI, Dec 13 (Business Standard): Stocks snapped a three-day losing streak, amid a volatile trading session Tuesday, on account of shortcovering in index heavyweights Reliance Industries and Infosys. The 30-share Sensex provisionally ended at 16,061 up 191 points or 1.2 per cent and the 50-share Nifty provisionally ended at 4819 up 55 points or 1.2 per cent. Other notable gainers in the Sensex include, ITC and HDFC Bank. The Sensex and the Nifty had both lost over 6 per cent in the last three trading sessions. Markets have dipped in the red once again with the BSE Sensex at 15,816, down 55 points and the Nifty at 4,746, down 18 points. The losses are being led by BSE Bankex, down 2 per cent. L&T has shed 3 per cent at Rs 1,156 and is the biggest dragger on the Sensex. The markets traded flat in late-noon trades with the BSE Sensex at 15,914, up 43 points and the Nifty at 4,773, up eight points. In the morning the Sensex opened in the red owing to negative global cues and touched the intra-day low of 15,771. According to Kunal Bothra, technical analyst, LKP Securities, "the selling pressure is extreme, and I believe that the probability becomes very high for a breakdown. The global picture is also not helping the case for our markets.