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Sensex recovers 155 points in late morning trade

12 April 2017

Stocks remained on the front foot as the Sensex on Tuesday sprinted 213 points to close at 29,788, after three days of losses, on investor optimism about March quarter earnings.

The Indian market perked up on Tuesday, with BSE Sensex up 212.61 points at 29,788.35 and NSE Nifty up 55.55 points at 9,237 at close of business hours. The gauge had lost 398.50 points in the previous three sessions.

Shares of Infosys surged as the company is set to announce it's Q4 results on April 13, 2017. BSE Midcap and Smallcap indices jumped 0.4 per cent and 1 per cent respectively. "India's IIP and CPI release tomorrow will keep market interested, but may not make a strong move until Q4 numbers start flowing in", said Anand James, Chief Market Strategist, Geojit Financial Services. Barring metal, all other BSE sectoral indexes closed in positive territory.

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That said, if the team plays well, more people will come to the park and prices can be increased for tickets, merchandise and ads. However, Forbes also pointed out that trend may not continue considering the luxury tax will be raised over the next few seasons.

Major gainers in the 30-share index were ITC (3.16%), ICICI Bank (1.76%), Larsen & Toubro (1.75%), State Bank Of India (1.63%), Infosys (1.49%), and Bharti Airtel (1.39%).

In terms of investments, provisional data with the exchanges showed that the foreign institutional investors (FIIs) sold scrip worth Rs 750.52 crore, while the domestic institutional investors (DIIs) purchased scrip worth Rs 826.66 crore.

Turnover in the cash segment rose to Rs 26,594.05 crore from Rs 23,570.11 crore yesterday.

Sensex recovers 155 points in late morning trade