The S&P BSE Sensex gained 275 points to end at 24,953 and the Nifty50 climbed 92 points to close at 7,604.
Markets finished the session on a firm note as pace of foreign buying into beaten down bluechips helped benchmark indices to register gains for the third straight week.
Meanwhile, rise in crude oil price and rally in global equities also aided sentiment.
The S&P BSE Sensex gained 275 points to end at 24,953 and the Nifty50 climbed 92 points to close at 7,604. Nifty ends above 7,600 for the first time since Jan 8 2016.
In the broader market, the BSE Midcap and Smallcap indices closed 0.6-0.7% higher. Market breadth ended marginally weak with 1,315 losers and 1,293 gainers on the BSE.
"While world equities have staged a comeback since reaching a 2 1/2-year low in mid-February, gains have been tentative and negative 10-year bond yields in Japan and Switzerland are a sign that investor sentiment remains fragile. We strongly recommend accumulating Indian equities at every fall as we think, 2016 would be one of the best years for Indian equities. One must Buy Indian Equities for a 30% plus kind of return," said a note by BOB Capital Markets.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 744.49 crore yesterday as per provisional data released by the stock exchanges.
GLOBAL MARKETS
Asian equities closed with gains following a strong finish on the Wall Street amid rise in crude oil prices.
The Shanghai Composite surged 1.7% while the Hang Seng was up 0.8%. However, a stronger yen, however, continued to weigh on Japan markets with Nikkei closing 1.3% lower.
Following the tandem, European equities are also trading positive with FTSE 100, CAC40 and DAX trading higher by 0.3% amid rise in crude oil prices.
KEY SECTORS
The technology stocks gained across the board with TCS and Infosys contributing the most to the gains.
TCS climbed over 2.5% after it announced a three year partnership with the Virgin Money London Marathon to enhance the digital experience delivered to marathon participants. Also, Infosys added 2%.
Financials gained on hopes that the Reserve Bank of India may soon ease key policy rates.
ICICI Bank was up over 0.5% on reports that the private sector lender plans to raise funds via infrastructure bonds. Among its peers, HDFC Bank, HDFC and SBI soared up to 2%.
Supreme Court has asked TRAI to consider partial rollback of call drop penalty. Reacting to the news, Bharti Airtel, Idea Cellular and Reliance Communications soared 0.5%-2%.
On the flip side, pharma shares reeled under selling pressure after the recent ban on over 300 combination drugs by the government.
Lupin was the top loser in the segment down nearly 7% followed by Glenmark, Sun Pharma, Abbot India, Wockhardt and Ajanta Pharma among others.
BUZZING STOCKS
Among individual stocks, HUL closed flat after it agreed to sell its rice exports business to LT Foods worth Rs 25 crore as part of its strategy to exit non-core businesses. LT Foods gained 1%.
Realty major, DLF climbed nearly 2% after the company decided to sell its shopping mall in Saket in the national capital to its unit for Rs.904.50 crore as part of its plan to streamline and monetize its existing assets.
ONGC gained 1% after the state-owned oil explorer plans to enter into partnerships with overseas oilfield service providers to boost output from ageing oil and gas fields, its chairman said.
Another prominent gainer in today’s trade was Hindalco up 4.5% after copper futures firmed up on the London Metal Exchange.
Photograph: PTI
