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Markets rally on value-buying, Sensex surges 352 points

Friday, December 08, 2017

Market benchmark Sensex yesterday shaped up by rebounding over 352 points as investors hunted for bargains in recently-battered bank, auto and metal stocks.

The broader Nifty too ended above the key 10,100-mark. Participants sensed value-buying opportunities after equities' recent lacklustre run, making stock valuations attractive, brokers said.

The 30-share Sensex stayed in the green throughout and hit the day's high of 32,992.45 following all-round buying. It finally ended at 32,949.21, up 352.03 points, or 1.08% -- its biggest single-day gain since November 1, when it had surged 387.14 points.

This is also the benchmark's highest closing since November 30, when it had finished at 33,149.35. The index had lost 205 points yesterday after the Reserve Bank held the policy rate and raised the inflation forecast for the remainder of the fiscal.

The broader NSE Nifty soared 122.60 points, or 1.22%, yesterday to close at 10,166.70 after shuttling between 10,182.65 and 10,061.90.

This is its biggest single-day jump since May 25, when it had gained 149.20. "RBI’s neutral stance despite firm inflation expectations, and recent falls rendering stocks attractive, whetted the appetite of buyers," said Anand James, Chief Market Strategist, Geojit Financial Services.

All the BSE sectoral indices closed in the green, led by telecom, consumer durables, power, capital goods, auto, oil&gas and realty.

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