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Sensex shot up by 301.09 pts

Sensex shot up by 301.09 pts

It soon hit the day's high of 32992.45 following all-round buying.

"On the macro front upcoming RBI policy and Gujarat state election will be an influential factor for investors which is steering the market to consolidate", said Vinod Nair, Head of Research, Geojit Financial Services. This is its biggest single-day jump since May 25, when it had gained 149.20 points. Australian stocks put on 0.4 per cent.

The stocks of state-run oil marketing companies such as like Hindustan Petroleum Corporation Limited, Bharat Petroleum Corporation Limited and Indian Oil Corporation recorded gains of up to 1.83% after global crude prices dropped by almost 3% to trade below $63 a barrel.

In the Sensex pack, with Sun Pharmaceutical, Tata Motors, Bharti Airtel, Hindustan Unilever and ITC all gaining more than 2% each.

Bank stocks, in fact, fell on Wednesday after the RBI made a decision to keep the repo rate unchanged in its monetary policy review.




On the other hand, Coal India (0.49%), and Dr Reddy'S Laboratories (0.09%) were the major losers in the Sensex.

On Thursday, bargain hunting by investors and robust buying in auto, consumer durables and capital goods stocks lifted the benchmark indices. All the sectoral indices also ended in the green.

Most Asian and European markets rallied as investors awaited major economic data from China and the USA amid overnight gains at Wall Street following reports that President Donald Trump is planning to unveil a big-spending public works plan.

Meanwhile, foreign portfolio investors offloaded shares worth net Rs 333.59 crore, while domestic institutional investors (DIIs) bought shares to the tune of Rs 776.18 crore on Tuesday, as per provisional data. The index posted its biggest weekly gain since early November, climbing 1.27 percent this week. Paris CAC fell 0.29% and Frankfurt's DAX shed 0.13%. London's FTSE was up 0.27 percent.

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