BSE Sensex managed to end four-day losing streak, in which it had lost close of 1,050 points, as market found immediate support in the continuing fall in crude prices. Oil fell for a sixth day today to USD 53.06 per barrel. Moreover, experts hoping that an imminent rate hike by the US Fed this year will have a minimal impact on emerging markets, including India, supported the upside.

"This is evident from the hike in global bond yields, the appreciation of the dollar and the sharp fall in commodities," said Vinod Nair, Head-Fundamental Research at Geojit BNP Paribas Financial Services.

Sill, some investors remained cautious ahead of the US Fed FOMC meet outcome which is expected to come tonight. The BSE 30-share barometer resumed higher and improved further to a high of 27,609.29 before falling back to a low of 27,470.09. It finally, closed at 27,563.43 -- a gain of 104.20 points or 0.38 percent.

Among the 30-Sensex constituents, 20 shares ended higher. The broad-based NSE Nifty also ended higher by 38.05 points or 0.46 per cent to 8,375.05. Intra-day, it shuttled between 8,381.50 and 8,338.45.

Covering-up of outstanding short positions by traders in view of tomorrow's July's month expiry in the derivatives segment too supported the recovery.

 

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