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Weekly review: Sensex rebound 417 points, Nifty above 10250

Weekly review: Sensex rebound 417 points, Nifty above 10250

The sentiment also remained upbeat as USA markets settled higher overnight and opinion polls suggesting BJP may see easy win in Gujarat elections that kicks off on Saturday. While the Sensex rose 188 points to 33,137, Nifty was up 63 points to 10,229 level.

The benchmark BSE Sensex ended 0.91 percent higher at 33,250.30.

"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". On a weekly basis, the Sensex gained 417.36 points, or 1.27 per cent, while the Nifty advanced 143.85 points, or 1.42 per cent. Participants sensed value-buying opportunities after the equities' recent lacklustre run, making stock valuations attractive, according to market participants.

Foreign portfolio investors (FPIs) utilised the rise in the market to offload shares worth Rs 675.2 crore, while Domestic Institutional Investors bought shares worth Rs 1,243 crore, provisional data showed.

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 USA, where policy uncertainty kept sentiment in check. Bharti Airtel, Tata Motors and Maruti were the top gainers on Sensex. The BSE FMCG index topped with a robust 2.23% rise, followed by metal 1.36%, healthcare 1.35%, consumer durables 1.15%, oil & gas 1.02%, auto 0.97%, bankex 0.92% and realty 0.72%.

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

All the sectoral indices on the National Stock Exchange (NSE) traded in the green with the auto, media, metals and PSU banking indices gaining over 1%, during the day.

In the broader markets, the S&P BSE mid-cap index closed higher by 0.89 per cent and the small-cap index by one per cent. London's FTSE rose 0.16% in late morning deals.

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