Sensex recovers in choppy trade as ICICI, Tata Motors gain

Mumbai: The BSE benchmark index Sensex today recovered marginally by 20 points in a choppy trade on value buying in bluechips such as ICICI Bank and Tata Motors as investors turned cautious ahead of the general election results next week.

The 30-share index had recovered by 119 points in early trade on positive global cues following Federal Reserve Chief Janet Yellen's upbeat outlook on the US economy.

In line with stock markets, the rupee ended higher by 6 paise at 60.07 against the dollar on fresh

selling of the American currency by banks and exporters in view of strong capital inflows.

The rupee resumed higher at 59.98 per dollar as against the last closing level of 60.13 at the Interbank Foreign Exchange (Forex) Market.

However, cautious investors booked profits in every rise pulling the index down to day's low of 22,277.04 points. The barometer closed with gains of 20.14 points, or 0.09 per cent higher at 22,344.04 on value buying in recently battered stocks such as auto, consumer durables and banking companies. The Sensex had tanked over 184 points to close at 3-week lows yesterday.

Investors turned cautious and divest some stocks at improved levels ahead of outcome of the Lok Sabha elections pared gains, brokers said.

The 50-share Nifty of the National Stock Exchange closed up by 7.30 points, or 0.11 per cent at 6,659.85 after moving between 6,688.40 and 6,638.55.

"Selling pressure was seen in the first part of trading day and latter session saw consolidation near 6,650 levels as Nifty held above this crucial support level," Rakesh Goyal, Senior Vice President,Bonanza Portfolio said.

"Market breadth was negative and volumes were lower than the last session," he added. Among the 30 Sensex stocks, 18 including ICICI Bank, SBI, Tata Motors and Axis Bank ended higher, while 12 scrips closed lower.

Bhel rose 3.22 per cent among Sensex scrips while Tata Motors rose by 1.36 per cent and ICICI by 1.33 per cent. Shares of MCX and Financial Technologies tanked 6.99 and 5 per cent after promoter Jignesh Shah and former MCX head Shreekant Javalgekar were arrested in connection with the Rs 5,600-crore National Spot Exchange (NSEL) scam case.

The BSE consumer durables sector index gained the most by rising 1.30 per cent to 6,935.14, followed by bank index by 0.74 per cent to 14,924.81.