Crude falls, Sensex rises 346 points

Dalal Street saw value-buying with benchmark indices notching up their biggest single-day gains since November 1.  

The BSE Sensex jumped 346.38 points, or 1.06%, to close at 33106.82 reclaiming the key 33000-mark. The index reversed its three-session losing spell buoyed by Reliance Industries after global crude prices dropped. while Nifty went up 96.70 points, or 0.96%, ending at 10214.75.

Market capitalisation of BSE listed companies rose to Rs 143.19 lakh crore. Emerging as the top gainer, Infosys rose  3.68%. State Bank of India climbed 2.34%, Reliance Industries rose 2.30%, TCS surged 1.49%, NTPC. ICICI Bank, Tata Motors, Lupin, Hindustan Unilever, Dr Reddy’s, Tata Steel and ITC, among others, too gained.

Bargain hunting in index heavyweights fuelled the surge. Rapid pace of recapitalisation process has kept the PSU bank stocks buoyant. Firming oil prices on hopes of an extended output deal fortified sentiment.

G Chokkalingam, founder & MD, Equinomics Research & Advisory said,” While short-term correction is expected with markets being at sideways by the end of the year.” Bluechips are expected to outperform, with IT and FMCG firms surging.

Broader markets too warmed up with the small-cap surging 1.10% and the mid-cap index climbing 1.07%. The IT index rose 2.16% followed by power, realty.