Sensex surges 246 points, Nifty above 10200

Weekly review Sensex rebound 417 points Nifty above 10,250

The benchmark Sensex on Friday pierced through the 33,000-mark amid heavy buying by cash-rich domestic institutions and strong overseas cues. Buying sentiment was bolstered after opinion polls gave an edge to the BJP in the upcoming Gujarat elections, while upbeat global leads added to the momentum.

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. On a weekly basis, the Sensex gained 417.36 points, or 1.27 per cent, while the Nifty advanced 143.85 points, or 1.42 per cent. "This money will come to the stock market", said a dealer. "Stability at a governance level is positive for market sentiment", said Karthikraj Lakshmanan, senior fund manager, equities, BNP Paribas MF.

Biggest gainers in the 30-share index were Bharti Airtel (2.34%), Tata Motors (1.90%), Maruti Suzuki India (1.61%) and Wipro (1.56%).

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The Sensex and Nifty were trading higher in early morning amid higher Asian shares as investors awaited major economic data from China and the United States.

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. In contrast, Hero MotoCorp, SBI, Reliance Industries, TCS, Asian Paint and Dr. Reddy's succumbed to profit-booking.

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.

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In the Asian region, Japan's Nikkei rose 1.39%, Hong Kong's Hang Seng gained 1.19%, while Shanghai Composite Index gained 0.55%.

In the broader markets, the S&P BSE mid-cap index closed higher by 0.89 per cent and the small-cap index by one per cent. Paris CAC fell 0.29% and Frankfurt's DAX shed 0.13%.

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