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Markets rally on value-buying, Sensex surges 352 points

08 December 2017

After suffering for the second straight session on Wednesday, key Indian equity domestic indices- BSE Sensex and NSE Nifty opened on a positive note during early morning trade on Thursday. Investors seemed to be bargain buying after the recent fall. This is also the benchmark's highest closing since November 30, when it had finished at 33,149.35.

The Sensex is trading at 31,740.12 points down by 62.32 points or 0.19 per cent from its Tuesday's close at 32,802.44 points.

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The index had lost 205 points on Wednesday after the Reserve Bank held the policy rate and raised the inflation forecast for the remainder of the financial year. 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 USA inventories of refined fuel suggested demand may be weakening.

According to market observers, robust buying in auto, consumer durables and capital goods stocks lifted the benchmark indices.

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In the broader markets, the S&P BSE mid-cap index closed higher by 1.38 per cent and the small-cap index by 1.29 per cent.

Major Sensex gainers on Thursday were: Bharti Airtel, up 6.08 per cent at Rs 513.35; Asian Paints, up 3.29 per cent at Rs 1,140.50; Maruti Suzuki, up 3.26 per cent at Rs 8,881.10; Tata Steel, up 2.97 per cent at Rs 687.90; and Bajaj Auto, up 2.78 per cent at Rs 3,195.

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Losers included Coal India, TCS, Wipro, Cipla, Sun Pharma, Dr Reddy's and IndusInd Bank. 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.

Markets rally on value-buying, Sensex surges 352 points