MUMBAI: Market benchmark Sensex on Thursday snapped a three-session losing spree as it jumped by 115 points to 24,338.43 and in the process recovered from a two-week low on value-buying in recently beaten-down stocks.
In addition, the rupee supported the recovery as it appreciated by 37 paise to 67.70 intra-day against the dollar.
Higher Asian shares and a better opening in European markets, tracking overnight gains in the U.S. on rebound in oil prices, triggered fresh buying here, but investor concerns remained over muted quarterly results, equity brokers said. The 30-share Sensex swung widely on alternate bouts of buying and selling, before settling at 24,338.43, higher by 115.11 or 0.48 per cent. Intra-day, it moved between 24,514.01 and 24,224.74.
The gauge had lost 647.37 points in the previous three days on sustained foreign fund outflows amid global rout on concerns over slowing growth after oil prices resumed slide.
The broad-based NSE Nifty reclaimed the crucial 7,400-mark by recovering 42.20 points or 0.57 per cent to 7,404 after touching a high of 7,457.05 and a low of 7,365.95. Brokers said investors resumed buying in recently battered blue-chips that turned attractive at existing levels amid a firming trend in global markets after oil rebounded and speculation that the U.S. Federal Reserve might opt to not raise interest rates this year.