Sensex recoups early losses, ends higher by over 207 pts

An early weakening trend got reversed as the Bombay Stock Exchange benchmark Sensex on Wednesday closed higher by over 207 points on the revival of buying at existing attractive lower levels.

The Sensex, which had lost nearly 363 points in the early stage, wiped off the losses to end higher by 207.47 points at 10,742.34 as buoyant sentiment saw investors covering their intra-day pending short positions. The Sensex shuttled between 10,778.11 and 10,171.91 points.

Buying was widespread, lifting the National Stock Exchange index Nifty by 86.35 points at 3,342.95. It moved between 3357.05 and 3,149.25 points during the day.

Brokers said the market recovered the 3.4 per cent losses suffered during the day as investors and major players felt the selling was overdone.

They said the early profit selling was on the back of a constant rise in share prices in the last four trading sessions, recording a gain of 966 points.

The market received maximum support of shares in realty, consumer durables, FMCG and the refinery segment. However, banking was the only loser among sectoral indices.

The realty sector index gained the most, rising 4.74 per cent to 1,936.41, on expectations of an interest rate cut by banks, which might boost sales of houses.