Mumbai: The BSE benchmark Sensex on Friday recovered from its six-week low level to close 158 points higher, ending three days of losing string, after S&P's upgraded India's outlook to stable from negative.
In a highly volatile trade, the 30-share index resumed lower and gradually moved downwards to a six-week intra-day low of 26,220.49, a net fall of almost 248 points following weak Asian cues and sustained offloading by foreign funds.
Brokers said Standard & Poor's (S&P's) upgrading the country's outlook helped the Sensex bounce back. The barometer finally settled at 26,626.32, a rise of 157.96 points, or 0.60 per cent, from its previous close.
In the last three days, it had tanked by 738.38 points or 2.71 per cent. The index, however, ended the week lower by 464.1 points.
The broad-based NSE index Nifty closed 57 points, or 0.72 per cent higher at 7,968.85.
International credit rating agency, Standard & Poors (S&P) today upgraded country's credit rating outlook to stable from negative following positive macro economic data, revival of growth and Centre's capacity to push reforms, putting the country back on high growth trajectory.
"Markets remained volatile today but bounced back at the end of trading session as S&P's upgraded the outlook on the India's credit. The correction provides investor with an opportunity to buy quality stocks," Sanjeev Zarbade, VP, Private Client Group Research, Kotak Securities, said.
While as many as 19 stocks ended with gains led by Hindalco (up 5.25 per cent), Sun Pharma (4.30 per cent) and Mahindra & Mahindra (3.16 per cent), Dr Reddy's, HDFC and HeroMoto Corp remained major losers.
"This week has been quite volatile, weak global cues, profit booking Supreme Court's decision on coal blocks led to indecision and selling pressure at higher levels," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio.
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