The
BSE Sensex extended gains for the second straight day in a choppy
trade -- its first weekly gain in four -- as it edged up over 26
points on increased buying by investors and retailers, tracking a
firm overseas trend. Brokers said sentiment improved after investors
bet on the US Fed to raise rates in December but proceed cautiously
with any further tightening thereafter.
The 7th Pay panel report, which was submitted yesterday after market hours, buoyed investors, which recommended 23.55 per cent hike in pay and allowances for government employees. The 30-share Sensex was in the grip of profit booking initially, but recovered on the back of across-the-board buying in blue-chips and closed higher by 26.57 points, or 0.10 per cent, at 25,868.49. The gauge had gained 359.40 points yesterday. The broader Nifty ended at 7,856.55, up 13.80 points, or 0.18 per cent, after trading between 7,817.80 and 7,906.95 intra-day.
For the week, the Sensex added 257.96 points, or 1 per cent, and the NSE Nifty 94.30 points, or 1.21 per cent -- their best weekly performance since October 9. In 30-Sensex kitty, GAIL emerged as the top gainer, up 10.07 per cent.
Wipro, Dr Reddy's, Cipla and Vedanta too advanced.
Sectorally, oil and gas hogged the limelight by rising 2.05 per cent, followed by capital goods, IT and technology.
The auto index jumped 0.60 per cent as stocks like M&M, Maruti Suzuki and Bajaj Auto climbed up to 1.92 per cent following the Pay panel recommendations, which are expected to raise the disposable income for consumers. The broader markets too ticked up, helped by retail investors. The BSE mid-cap and small-cap closed higher by up to 0.86 per cent. Globally, Asian stocks ruled firm and even Europe had a better opening. In Asia, Hong Kong's Hang Seng ended 1.13 per cent up while Shanghai Composite closed 0.37 per cent higher and Japan's Nikkei 0.10 per cent.
Meanwhile, foreign investors sold shares worth Rs 343.18 crore yesterday, as per provisional data.
The 7th Pay panel report, which was submitted yesterday after market hours, buoyed investors, which recommended 23.55 per cent hike in pay and allowances for government employees. The 30-share Sensex was in the grip of profit booking initially, but recovered on the back of across-the-board buying in blue-chips and closed higher by 26.57 points, or 0.10 per cent, at 25,868.49. The gauge had gained 359.40 points yesterday. The broader Nifty ended at 7,856.55, up 13.80 points, or 0.18 per cent, after trading between 7,817.80 and 7,906.95 intra-day.
For the week, the Sensex added 257.96 points, or 1 per cent, and the NSE Nifty 94.30 points, or 1.21 per cent -- their best weekly performance since October 9. In 30-Sensex kitty, GAIL emerged as the top gainer, up 10.07 per cent.
Wipro, Dr Reddy's, Cipla and Vedanta too advanced.
Sectorally, oil and gas hogged the limelight by rising 2.05 per cent, followed by capital goods, IT and technology.
The auto index jumped 0.60 per cent as stocks like M&M, Maruti Suzuki and Bajaj Auto climbed up to 1.92 per cent following the Pay panel recommendations, which are expected to raise the disposable income for consumers. The broader markets too ticked up, helped by retail investors. The BSE mid-cap and small-cap closed higher by up to 0.86 per cent. Globally, Asian stocks ruled firm and even Europe had a better opening. In Asia, Hong Kong's Hang Seng ended 1.13 per cent up while Shanghai Composite closed 0.37 per cent higher and Japan's Nikkei 0.10 per cent.
Meanwhile, foreign investors sold shares worth Rs 343.18 crore yesterday, as per provisional data.
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