Sensex surges 171 points on short covering

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MUMBAI, SEPT 23: Snapping the two-day losing streak the benchmark Sensex ended 171.15 points higher at 25,822.99 driven by short covering in recently beaten-down stocks of realty and banking sectors.
Rate-sensitive shares of banking and realty sectors rose on renewed hopes of a rate cut by Reserve Bank of India at its upcoming policy review next week.
The 30-share Sensex, which resumed lower at 25,526.53, dropped further to 25,386.48. The index, however, rebounded and recovered to 25,934.02 before closing at 25,822.99 — a jump of 171.15 points.
Sensex had dropped 567.07 points in previous two sessions.
The 50-share NSE Nifty bounced back and finally settled at 7,845.95, 33.95 points up from the previous closin
Major BSE sectoral indices gainers were consumer durable 1.70 per cent, bankex 1.46 per cent, realty 1.06 per cent, oil&gas 1.00 per cent and healthcare 0.70 per cent, while power fell by 0.31 per cent.
Small-cap and mid-cap indices recovered by 0.71 per cent to 0.47 per cent on fresh buying from retail investors.
The market breadth turned positive, as 1,531 stocks ended in the green while 1,141 finished lower and 106 ruled steady. The total turnover dropped to nearly Rs 2,473 crore from Rs 2,728.85 crore yesterday.

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