Sensex surges 352 points on all-round buying

Sensex open in green up 190 points

The six-member Monetary Policy Committee (MPC), headed by Reserve Bank of India Governor Urjit Patel, in its bi-monthly monetary policy review kept repo rate unchanged at 6 percent and reverse repo at 5.75 percent. The Sensex gained more than 150 points and the Nifty reclaimed the 10,200 level; the gains were led by Tata Motors, GAIL India and Coal India.

The benchmark BSE Sensex and the broad-based NSE Nifty continued its rally on Friday morning.

The BSE market breadth was bullish - 1,851 advances and 828 declines.

"Given that interest rates are unlikely to reduce at least in the near to medium term, rate sensitive stocks slid due to rising oil price and concern over fiscal slippage", said Vinod Nair, Head of Research, Geojit Financial Services. Sensex climbed 242 points or 0.74% to 33,191.75 while the wider Nifty was up by over 76 points or 0.76% to 10,243.60. SBI, ICICI Bank, Axis Bank, HDFC Bank, Bank of Baroda, Punjab National Bank and Yes Bank fell by up to 2.27 percent.

Emami shares jumped 2 percent.

Indices were also supported by gains in shares of banks, automobiles and metal companies. DIIs had bought shares worth Rs 995.11 crore, while foreign funds sold shares to the tune of Rs 1,217.92 crore yesterday, the provisional exchange data showed.

The broader market depicted a mixed trend, with the BSE mid-cap ending up 0.41 per cent, while small-cap index finished 0.03 per cent down.

Other Asian markets closed lower.

Japan's Nikkei led the way as the yen eased on the dollar, rising 1.1 per cent on top of Thursday's 1.45 per cent bounce to be nearly back where it started the week. Shanghai Composite Index, however, shed 0.52 per cent.

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