Bears lose grip as value-buying lifts Sensex 352 points

Bears lose grip as value-buying lifts Sensex 352 points

Bears lose grip as value-buying lifts Sensex 352 points

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

The BSE market breadth was bullish - 1,582 advances and 1,110 declines. It soon hit the day's high of 32992.45 following all-round buying. This is also the benchmark's highest closing since November 30, when it had finished at 33149.35.

Vinod Nair, Head of Research, Geojit Financial Services, said: "Investor's sentiment has lifted amid favorable political cue for the ruling party in Gujarat ahead of state election".

However, value-buying in several heavyweights towards the fag-end trimmed the losses, with the index finishing at 32,802.44, down 67.28 points or 0.20%.

Bharti Airtel jumped 8.02 percent.

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Most Asian and European markets rallied as investors awaited major economic data from China and the USA amid overnight gains at Wall Street following reports that President Donald Trump is planning to unveil a big-spending public works plan. 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%.

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. Additionally, investors were also on edge in anticipation of a violent backlash in the Middle East following US President Donald Trump's recognition of Jerusalem as Israel's capital.

Domestic institutional investors (DIIs) were net buyers as they bought shares worth Rs 926.68 crore yesterday while foreign portfolio investors (FPIs) offloaded equities amounting to Rs 1,075.62 crore, provisional data showed.

Major Asian indices closed higher. Japan's Nikkei witnessed an early gain of 0.9 per cent, adding to Thursday's 1.45 per cent bounce. London's FTSE rose 0.16% in late morning deals.

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