Markets snap four-day skid as Sensex ends 187 points higher, reclaims 34,000-mark

NEW DELHI: Markets in a volatile trade on Wednesday finished in green after four straight sessions of losses as the rupee recovered against the US currency. The benchmark BSE Sensex ended 187 points or 0.55 per cent higher at 34,034, while the broader NSE Nifty closed 78 points or 0.77 per cent up at 10,225.

The rupee firmed to a three-week high in morning trade (73.15), helped by a sharp fall in global crude oil prices.

Brokers said besides rupee recovery, unabated buying by domestic institutional invstors (DIIs) coupled with covering-up of short positions by speculators too supported the rebound.

On BSE, Bharti Airtel, Asian Paints, IndusInd Bank, HDFC and Hindustan Unilever were among the major gainers, rising as much as 9.34 per cent. On the NSE platform, sub-indices Nifty Realty, Financial Service and Metal surged the most, gaining as much as 3.06 per cent.

However, "the gains in shares may be short-lived," Sudhakar Pattabiraman, head of research operations, William O’Neil India said.

“If markets have fallen for four days, people would obviously take the opportunity to take some positions, hoping things will be different, but this is not sustainable. Overall, we still don’t see a great reason for people to buy stocks or take positions at this point,” Pattabiraman added.

(With inputs from agencies)