Sensex gains 32 points

MUMBAI, OCT. 31. Fresh buying in select old economy counters helped the Sensex gain 31.90 points to close at 2989.35 on the Bombay Stock Exchange today, arresting a four-session losing streak and thereby bucking the weak global trend.

A reversal of trend was mainly attributed to a smart rise in blue-chips such as Hindustan Lever, ITC, Reliance Industries, Telco, Grasim, L&T and HPCL, backed by local funds and operators, dealers said.

Reflecting the bearish overseas mood, the BSE-30 share sensitive index opened with little change at 2958.39 against Tuesday's close of 2957.45 and immediately declined to a low of 2942.49. However, a fresh spell of buying lifted the Sensex to a high of 2998.70 before closing at 2989.35, a moderate gain of 1.08 per cent. The broad-based BSE-100 index also improved by 13.61 points to 1389.17 from 1375.56.

In Wall Street yesterday, the Dow Jones Industrial Average and the Nasdaq composite index dropped further by 147.52 points and 32.11 points respectively due to the release of worst-than- expected consumer confidence data. Southeast Asian stock markets also closed in the negative terrain today.

- PTI

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Section  : Business
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