Sensex surges 352 points on all-round buying

Tata Motors global sales up 22% in November

Indian shares posted strong gains for the second consecutive session on Friday amid strong global cues after the U.S. Congress passed a stopgap spending bill to keep the government funded until December 22 and the United Kingdom and the European Union struck a deal to unlock divorce negotiations, capping months of tortuous negotiations.

Similarly, the broader NSE Nifty soared 122.60 points, or 1.22 per cent, to close at 10166.70 after hovering between 10061.90 and 10182.65.

The 30-share index was trading higher by 246.04 points or 0.75 per cent at 33,195.25 at 1100 hrs. While the Sensex rose 188 points to 33,137, Nifty was up 63 points to 10,229 level. Participants sensed value-buying opportunities after the equities' recent lacklustre run, making stock valuations attractive, according to market participants.

"The buying momentum in Indian markets was given a boost by hopes that the ruling BJP would win the critical state elections in Gujarat, which would lay the groundwork for the general elections in 2019".

All the BSE sectoral indices led by Telecom (+4.8%), consumer durables (+2.49%), capital goods (+2.1%), power (+2.1%), Realty (+2.06%), Auto (+1.9%), metal (+1.8%) and oil and gas (+1.17%), were trading in the green.

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Out of 1,582 stocks traded on the NSE, 940 advanced, 593 declined and 49 remained unchanged today.

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

Major gainers were Maruti 2.27 per cent, Bharti Airtel 2.09 per cent, Tata Motors 2.03 per cent, Tata Steel 1.96 per cent and ONGC 1.72 per cent. In contrast, Hero MotoCorp, SBI, Reliance Industries, TCS, Asian Paint and Dr. Reddy's succumbed to profit-booking.

In the Asian region, Japan's Nikkei rose 1.39 percent, Hong Kong's Hang Seng gained 1.19 percent, while Shanghai Composite Index gained 0.55 percent. London's Financial Times Stock Exchange too was up 0.24%.

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