Sensex, Nifty Snap Four-Day Losing Streak Led By Metal Stocks

Reliance Industries, Bharti Airtel, Kotak Mahindra Bank, Larsen & Toubro, State Bank of India and HDFC were among the top movers in the Sensex.

Indian equity benchmarks snapped their four-day losing streak on Tuesday paced by gains in metal, state-run banking, pharma and oil & gas shares. The benchmarks staged a gap down opening, however sharp recovery in the markets came on the back of short-covering as markets got into oversold zone in morning deals, analysts said. The Sensex recovered rose over 1,100 points from day's lowest level and Nifty 50 index moved above 17,500 after hitting an intraday low of 17,216.

The Sensex ended 198 points higher at 58,664 and Nifty 50 index advanced 87 points to close at 17,503.

Reliance Industries, Bharti Airtel, Kotak Mahindra Bank, Larsen & Toubro, State Bank of India and HDFC were among the top movers in the Sensex.

"Nifty witnessed some swift recovery after a reversal from the support level of 17,200. Research suggests that sustaining above 17,400 will be an important level for the market to stay positive in the short term. If the market is able to sustain the level of 17,400, it can witness a positive momentum in the market which can lead to the levels of 18,000," said Vijay Dhanotiya, lead of technical research at CapitalVia Global Research.