Sensex Jumps Over 300 Points; Nifty Ends Above 10250

The Reserve Bank of India is widely expected to keep policy rates on hold but investors will watch for any hints of a cut at the February meeting in the policy statement to be released on Wednesday

The Reserve Bank of India is widely expected to keep policy rates on hold but investors will watch for any hints of a cut at the February meeting in the policy statement to be released on Wednesday

The index had rallied 352.03 points in the previous session on value-buying by investors in recently-battered blue-chip stocks.

The 30-stock Sensex surged 301 points, or 0.9 per cent, to close at 33250.30, taking the week's gains to 1.3 per cent.

On a weekly basis, the Sensex gained 417.36 points, or 1.27%, while the Nifty advanced 143.85 points, or 1.42%.

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The total turnover during the week on BSE fell to Rs 20,873.96 crs as against last weekend's level of Rs 21,385.34 crores, While NSE dipped to 1,33,750.74 compared to Rs 1,66,518.45 crs previously.

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. Provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 675.16 crore while domestic institutional investors bought stocks worth Rs 1,243 crore.

Money managers believe that the focus will continue to be on the Gujarat polls in the days to come and is likely to keep the market on edge.

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Other gainers were Sun Pharma, HUL, Cipla, ONGC, Maruti Suzuki, HDFC Bank, Bharti Airtel, Axis Bank, ICICI Bank, HDFC Ltd and Tata Steel, gaining up to 2.21 percent.

Hero MotoCorp, SBI, Reliance Industries, TCS, Asian Paint and Dr Reddy's succumbed to profit-booking.

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 United States, where policy uncertainty kept sentiment in check. Shares of Jet Airways settled almost 5 per cent down on the bourses after the private carrier reported a weak September quarter earnings.

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All the BSE sectoral indices closed in the green, led by telecom, consumer durables, power, capital goods, auto, oil&gas and realty. In keeping with the overall trend, the small-cap and mid indices rose 1% and 0.89%.

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