Sensex, Nifty gain over 1% on bargain hunting

BSE-Sensex business

The broader Nifty was trading below the key 10,100-level, down by 33.30 points or 0.33 per cent at 10,084.95.

GAIL surged 8.5% to hit a fresh record high, while Mahanagar Gas, Indraprastha Gas and Petronet LNG rallied 3-5%.

Mumbai: Benchmark Sensex rebounded by over 352 points to close at 32,949.21 today as investors piled into recently beaten down bank, auto and metal counters. Sensex zoomed 88 points or 0.27% to 32,685.69 while the wider Nifty was up by over 26 Points or 0.26% to 10,070.10. This is its biggest single-day jump since May 25, when it had gained 149.20. Crude prices in the global markets slipped almost 3 per cent on Wednesday, its biggest daily decline in more than two months, after a sharp rise in U.S. inventories of refined fuel suggested demand may be weakening.

Provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 1,470.56 crore while domestic institutional investors bought stocks worth Rs 1,074.39 crore.

Vinod Nair, Head of Research, Geojit Financial Services, said: "After a subdued trade, the market reversed from day's low led by banking stocks".

Fall in crude oil prices: Sharp decline in crude oil prices in global commodities on Thursday also boosted investor sentiment in today's trade.

Major gainers in the 30-share index were Bharti Airtel (6.08%), Asian Paints (3.29%), Maruti Suzuki India (3.26%), Tata Steel (2.97%), and Bajaj Auto (2.78%).

However, Sun Pharma, Wipro, Cipla, TCS and Coal India finished with losses. Japan's Nikkei advanced 1.45 per cent, Hong Kong's Hang Seng rose 0.29 per cent, while Shanghai Composite Index shed 0.67 per cent.

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