Sensex Soars 352 Points; Nifty Ends Above 10150

Kelvin Reese
December 8, 2017

The benchmark BSE Sensex on Thursday shaped up by rebounding over 352 points as investors hunted for bargains in recently battered bank, automobiles and metal stocks.

The 50-share NSE Nifty inched up 5.95 points, or 0.06 per cent, to 10,127.75 points.

PSU Bank stocks too recovered from the previous session's losses, and Nifty PSU bank index ended 1.25 per cent higher at 3,798.55.

Mumbai: Benchmark Nifty staged a smart recovery and climbed by 122.60 points on Thursday, driven by across- the-board value buying despite bearish Asian cues.

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Sharp fall in global oil prices on Wednesday also boosted investor sentiment.

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Out of 1,989 stocks traded on the NSE, 1,219 advanced, 474 declined and 296 remained unchanged today.

Major Asian indices closed higher.

The index had lost 205 points on Wednesday after the Reserve Bank held the policy rate and raised the inflation forecast for the remainder of the financial year.

"Upcoming state election in Gujarat and rupee movement against dollar ahead of U.S. tax reform will be keenly watched for further momentum in the market". Crude prices in the worldwide markets slipped almost 3 per cent on Wednesday, its biggest daily decline in more than two months, after a sharp rise in United States inventories of refined fuel suggested demand may be weakening.

Major Sensex losers were: Coal India, down 0.64 per cent at Rs 263.30; Tata Consultancy Services, down 0.52 per cent at Rs 2617.65; Cipla, down 0.50 per cent at Rs 592.50; Wipro, down 0.34 per cent at Rs 281.35; and Sun Pharma, down 0.26 per cent at Rs 510.20.

Shanghai Composite Index too fell 0.61 per cent in early trade today.

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