The National Stock Exchange (NSE) Nifty index reclaimed the 8,300-mark by rising 38.50 points, or 0.46 per cent, to end at 8,323. The BSE 30-share Sensex, after slumping a low of 27,323.74, staged a comeback as it wiped off losses to close 126.89 points, or 0.46 per cent, higher at 27,585.27. This is its strongest close since 27,842.32 on January 5.
The index has gained 676 points in three days. Gainers in the 30-share Sensex include Hindustan Unilever, Larsen & Toubro, Infosys, HDFC, Bharat Heavy Electricals, ICICI Bank, State Bank of India, Axis Bank, Dr Reddy’s, Sun Pharma, Tata Consultancy Services, Tata Power, Wipro and NTPC. Speaking on the sidelines of the Vibrant Gujarat Summit, Finance Minister Arun Jaitley said investments were significantly going to move up in coming days.
“Markets rose with the expectation that the economy might come out of the contraction in industrial activity as depicted by October's IIP data” said Bonanza Portfolio’s, senior vice-president, Rakesh Goyal.
Sectorally, the BSE Capital Goods index gained the most by rising 1.55 per cent, followed by FMCG 1.42 per cent, IT 1.32 per cent, banking 0.90 per cent, power 0.51 per cent, consumer durables 0.49 per cent and healthcare 0.32 per cent.
Major Sensex losers were Reliance Industries, GAIL and Oil and Natural Gas Corporation, which dragged down the BSE Oil and Gas index by 1.19 per cent. Coal India slumped four per cent on disinvestment buzz.
Higher closing at other Asian markets and a better opening in Europe also influenced trading sentiments here.
Foreigners sold shares worth a net Rs 297.99 crore last Friday as per provisional data.