Sensex ends 8-day losing streak on Tuesday - LuvKush Finserve

The Sensex ended its 8-day losing streak on Tuesday, shrugging off weak December IIP numbers, helped by gains in oil shares. The Sensex ended up 100 points at 19,561 and the Nifty ended up 25 points at 5,922. Indicating persistent sluggishness in the economy, industrial output contracted to a three-month low of 0.6% in December due to poor performance of manufacturing and mining sectors and decline in production of capital as well as consumer goods.

Industrial production growth stood at 0.7% during the April-December period of this fiscal, down from 3.7% in the same period of 2011-12. Meanwhile, the decline in industrial output for November 2012 has been revised downwards to 0.84% from a contraction of 0.1% in the month as per the provisional estimates released last month.

The sectoral indices on the BSE were led by Oil & Gas index up 1.5% followed by Healthcare, Bankex and Auto indices. ONGC was the top Sensex gainer up 3.8% at Rs 320 after reporting a better-than-expected net profit at Rs 5,563 crore for the third quarter ended December 31, 2012 (Q3) due to lower than expected subsidy sharing. In the broader markets, the BSE Mid-cap ended down 0.3% at 6,723 and the Small-cap index ended down 0.5% at 6,739.

Source : Equity Bulls

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