Sensex soars 301 points to reclaim 33000-mark

Audrey Hill
December 10, 2017

In the pre-opening session, Sensex was flat while the wider Nifty traded above 10,050 level. The Nifty closed the week with 1.4 per cent gain. Australian stocks put on 0.4 per cent. In India, the overall market breadth was also positive with 1,584 stocks gaining ground on the BSE, as against 1,116 declines.

Money managers believe that the focus will continue to be on the Gujarat polls in the days to come and is likely to keep the market on edge.

The stocks of state-run oil marketing companies such as like Hindustan Petroleum Corporation Limited, Bharat Petroleum Corporation Limited and Indian Oil Corporation recorded gains of up to 1.83% after global crude prices dropped by almost 3% to trade below $63 a barrel.

It was followed by HUL 5.21 percent, Maruti 5.03 percent, Infosys 4.49 percent, Tata Motors 2.98 percent, ITC 2.51 percent, Tata Steel 2.37 percent, Tata Motors DVR 2.14 percent, ICICI Bank 1.74 percent and Axis Bank 1.66 percent.

However, among the laggards stood pharmaceutical majors Sun Pharma, Cipla, and IT companies like Wipro, TCS, in addition to the state-run Coal India.

Bank stocks, in fact, fell on Wednesday after the RBI chose to keep the repo rate unchanged in its monetary policy review.

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

On Thursday, bargain hunting by investors and robust buying in auto, consumer durables and capital goods stocks lifted the benchmark indices.

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.

European shares too were in the positive zone in their early deals, with Frankfurt's DAX rising 1.29 percent and Paris CAC 40 up 0.73 percent.

Gold prices drifted lower by 0.27 percent to Rs 28,589 per 10 grams in futures trade today as participants cut their bets amid a weak global trend.

Other reports by MaliBehiribAe

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