Sensex Jumps 242 Points to 33191, Nifty at 10243

Sensex Jumps 242 Points to 33191, Nifty at 10243

Mumbai: Unabated buying by domestic institutions propelled the benchmark Sensex beyond the 33,000-mark on Friday, with FMCG stocks securing a podium finish. The Nifty closed the week with 1.4 per cent gain. The sentiment also remained upbeat as U.S. markets settled higher overnight and opinion polls suggesting BJP may see easy win in Gujarat elections that kicks off on Saturday.

The 30-share Sensex gained 301.09 points or 0.91% to close at 33,250.30.

However, value-buying in several heavyweights towards the fag-end trimmed the losses, with the index finishing at 32,802.44, down 67.28 points or 0.20%. The Nifty of National Stock Exchange (NSE) rose by 98.95 points to 10,265.65.

Market breadth was positive with 1,272 advances against 316 declines.

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According to market observers, the upward rally of the equity markets was fuelled by positive hopes of the ruling BJP's win in the critical Gujarat Assembly Elections 2017, which will take place in two phases on December 9 and December 14.

Domestic institutional investors (DIIs) were net buyers as they bought shares worth Rs 926.68 crore on Thursday while foreign portfolio investors (FPIs) offloaded equities amounting to Rs 1,075.62 crore, provisional data showed.

Biggest gainers in the 30-share index were Bharti Airtel (2.34%), Tata Motors (1.90%), Maruti Suzuki India (1.61%) and Wipro (1.56%). In contrast, Hero MotoCorp, SBI, Reliance Industries, TCS, Asian Paint and Dr. Reddy's succumbed to profit-booking. The small-cap and mid indices rose 1 per cent and 0.89 per cent.

Overseas, the Asian markets saw the shares of most of the companies decline, since investors across the globe have an eye on the final tax legislation in the U.S., where policy uncertainty kept sentiment in check. Japan's Nikkei led the way again with an early gain of 0.9 percent, adding to Thursday's 1.45 percent bounce.