Sensex snaps 3-day losing streak, jumps 120 points

The benchmark Sensex snapped a three-day losing streak and the Nifty ended firm after hitting a fresh record high led by index heavyweight ITC on reports that the government has deferred its earlier proposal to ban sale of loose cigarettes.

The 30-share Sensex ended up 120 points at 28,563 and the 50-share Nifty closed 27 points higher at 8,564 after hitting a record high of 8,626.95.

In the broader market, BSE midcap and Smallcap indices ended up 0.3% each.

Further, foreign institutional investors were net buyers in Indian equities worth Rs 391.07 crore on Wednesday, as per provisional stock exchange data.

The Indian rupee was trading flat at Rs 61.90 to the US dollar compared to the previous close of Rs 61.89.

BSE FMCG index was the top sectoral gainer up 3% followed by Capital Goods, Metal and Bankex indices.

Consumer Durables, IT, Oil and Gas indices were the top losers.

Among FMCG majors ITC ended up 5.4% and Hindustan Unilever ended up 0.9%. Cipla ended up 2.6%.

Cipla and Meda pharmaceuticals have sued Apotex, the largest Canadian owned pharmaceutical company, to enforce the Orange-Book listed patents covering Dymista (azelastine HCl/fluticasone propionate) Nasal Spray.

However, Sun Pharma closed 0.3% lower. Ranbaxy which is in the process of being acquired by Sun Pharma came under pressure after Germany barred the export of a particular antibiotic from its Madhya Pradesh facility.

ICICI pared early gains and ended up 0.9%. Earlier, the stock touched fresh record high of Rs 366 on BSE after the stock turned ex-stock split today.

The private sector lender had subdivided the face value of its equity shares to Rs 2 from Rs 10.

HDFC Bank ended up 0.8% after the private banking major has reduced rates on retail term deposits by 25-50 bps on select maturities.

BHEL ended down 1.6% on profit-booking. On Wednesday, the stock had surged 2.5% on successful commissioning of India's first phase shifting transformer.

Bharti Airtel ended down 2%.

According to reports, Africa continues to be a stress point for Bharti Airtel, even as it has turned around its India operations.

To add to its woes, operations in Bangladesh and Sri Lanka also continue to underperform.

Sesa Sterlite ended up 2.8% after the company received an award for "Best Energy Efficiency Projects realised abroad." at an international forum organised by the Russian government.

Among other shares, Sanghvi Forging and Engineering zoomed 14% after the company announced that it has received fresh orders worth Rs 11 crore from the oil and gas and power sectors.

Strides Arcolab ended up 5% after the company said its wholly-owned subsidiary Stelis Biopharma will commence construction of its biologics facility in Malaysia.

The stock was recently included in the F&O segment on the NSE. ABB ended up 13% after winning Rs 334 crore from public utilities, Bihar Grid Corporation Limited (BGCL) and West Bengal State Electricity Transmission Company Limited (WBSETCL), Market breadth ended positive with 1,507 gainers and 1,449 losers on the BSE.