Mumbai: The benchmark Sensex on Tuesday snapped its seven-day losing streak but failed to maintain early gains a day when the BJP was trounced by the AAP in Delhi assembly elections. The BSE bluechip index, which rose over 400 points just before noon, more than halved its gain to conclude at 28,355.62, up 128.23 points or 0.45 per cent.
The Sensex, after resuming higher at 28,122.48, rose to 28,633.72 on initial strong buying as India's GDP growth is likely to accelerate to 7.4 per cent in 2014-15. However, the Sensex declined afterwards to 28,044.49 on late selling pressure and rising foreign capital outflows.
On Monday, market participants had attributed the Sensex's 490-point plunge to exit polls predicting BJP's defeat in Delhi elections. In seven days, the Sensex has dropped by 1,454.38 points or 4.90 per cent.
Till 3 PM, AAP had won 54 of the 57 seats for which the results were available with Election Commission and was leading on 13 seats. The BJP, which was hoping to ride on Narendra Modi's "magic" before the elections, could only manage to secure three seats.
"In an extremely volatile session, markets managed to end in green on Tuesday, putting brake on a losing streak. After initial downtick, benchmarks bounced back strongly in response to CSO releasing advanced GDP estimate. However, decisive win by the AAP again pushed the bulls on back foot," said Religare Securities, President-retail distribution, Jayant Manglik.
The CNX 50-share Nifty also moved up by 39.20 points, or 0.46 per cent, to 8,565.55 after touching a high of 8,646.25. Foreign portfolio investors sold shares worth net Rs 660.30 crore yesterday as per provisional data. European stocks were trading lower on Greece's stand-off with its creditors. Key indices in France, Germany and UK were off 0.06-0.28 per cent.
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