Sensex surges 301 points to surpass 33000-mark, Nifty above 10250

Benchmark BSE Sensex reclaims 33,000-mark at the start of trading Friday, after buying by retail investors and domestic institutions gathered momentum amid strong global cues.

The 30-share index was trading higher by 246.04 points or 0.75 per cent at 33,195.25 at 1100 hrs. Australian stocks put on 0.4 per cent.

The broader Nifty of the National Stock Exchange (NSE) rose 98.95 points or 0.97% to 10,265.65. In India, the overall market breadth was also positive with 1,584 stocks gaining ground on the BSE, as against 1,116 declines. Participants sensed value-buying opportunities after the equities' recent lacklustre run, making stock valuations attractive, according to market participants.

Asian markets were trading higher following a broad-based rally in United States equities.

According to market observers, the upward rally of the equity markets was fuelled by positive hopes of the ruling BJP's win in the critical Gujarat Assembly Elections 2017, which will take place in two phases on December 9 and December 14.

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Foreign portfolio investors (FPIs) sold shares worth net Rs 1,075.62 crore on Thursday, while domestic institutional investors (DIIs) bought to the tune of Rs 926.68 crore.

Hero MotoCorp was the worst performer in the Sensex pack, falling 2.31%, followed by Wipro at 2.29%.

Other gainers were Sun Pharma, HUL, Cipla, ONGC, Maruti Suzuki, HDFC Bank, Bharti Airtel, Axis Bank, ICICI Bank, HDFC Ltd and Tata Steel, gaining up to 2.21 percent. Shares of Jet Airways settled almost 5 per cent down on the bourses after the private carrier reported a weak September quarter earnings.

The index finally ended at 32949.21, up 352.03 points, or 1.08 per cent - its biggest single-day gain since November 1, when it had surged 387.14 points. The BSE FMCG index topped with a robust 2.23% rise, followed by metal 1.36%, healthcare 1.35%, consumer durables 1.15%, oil & gas 1.02%, auto 0.97%, bankex 0.92% and realty 0.72%.

  • Toni Ryan