Sensex, Nifty Seen Up On Global Cues

Sensex Jumps 242 Points to 33191, Nifty at 10243

Sensex Jumps Over 200 Points; Nifty Near 10250

At the National Stock Exchange (NSE), the broader 51-scrip Nifty, which had closed at 10,166.70 points, was quoting at 10,205.70 points, up by 39 points or 0.38 per cent.

Dalal Street saw investors hunting for bargains in recently-battered bank, auto and metal stocks, that came under the weather in the previous session on the back of the central bank's decision to hold repo rates in its sixth bi-monthly monetary policy meeting.

Major gainers on the Nifty were: UPL (+1.81%), Tata Motors (+1.79%), Bharti Airtel (+1.42%), Adani Ports (+1.31%) and IndusInd Bank (+1.31%).

On the other hand, Coal India (0.64%), Tata Consultancy Services (0.52%), Cipla (0.50%), Wipro (0.34%), and Sun Pharmaceutical Industries (0.26%) were the biggest losers in the Sensex. Laggards included Infratel (-1.35%), Tech Mahindra (-0.51%), NTPC (-0.50%), HPCL (-0.44%), Ambuja Cements (-0.39%). Polls indicate a victory for the ruling Bharatiya Janata Party (BJP), but with a greatly reduced majority.

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"Today is largely seen as a corrective recovery in the market because it had gone into an oversold territory", said Deven Choksey, promoter, KR Choksey. The stock ended down 2.05 per cent or Rs 4.30 at Rs 205.45. MSCI's broadest index of Asia-Pacific shares outside Japan was barely changed.

The markets on Friday took off from the launchpad of yesterday's positive sentiment as Sensex gained nearly 200 points in initial trade. China's Shanghai Composite Index was quoting in green, up by 0.15 per cent.

United States stocks closed higher yesterday, with the S&P 500 snapping a four-session losing streak on the back of gains in technology, industrials and materials sectors.

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