Indian markets on Thrusday rebounded from three-week lows with the Sensex jumping 365.89 points to 27,274.71 and Nifty climbing 132.50 points to 8,234.60 on heavy buying in bluechips amid strong global cues. Encouraging US data, hopes of fresh Eurozone stimulus after inflation turned negative and slight recovery in crude oil prices boosted global sentiments, traders said.
In sync with local equities, the Indian rupee on Thursday strengthened to 62.6 levels against US dollar. In domestic markets, shares of realty, banking, FMCG, Power, Auto, Metal, Healthcare and Capital goods sectors rose.
Small-cap and mid-cap shares also gained on demand from retail investors with indices shooting up about 1.8% each. The BSE Sensex resumed higher at 27,178.77 and rose further to a high of 27,316.41 on strong buying. It pared some gains to fall to 27,101.94, before finishing at 27,274.71 -- a net gain of 365.89 points or 1.36%. The index had dropped by 979.08 points, or 3.51%, in the previous three days and slumped to three-week lows.
Barring RIL, 29 Sensex constituents in the 30-share index ended in the green with gains led by Tata Motors, ITC, ICICI Bank, Hindalco and GAIL. Infosys gained ahead of earnings and Coal India rose after a workers' strike was called off midway. The 50-share NSE Nifty rose by 132.50 points, or 1.64%, to close at 8,234.60. As many as 48 constituents of the Nifty ended in the green, indicating the extent of all-round buying in Thursday's session.
"Indian stocks rose on strong gains in European markets. Investor sentiment was also boosted by the accelerated gains in US private sector employment data for December," said Religare Securities, President-retail distribution, Jayant Manglik.
Elsewhere in Asia, indices closed mostly higher after confidence improved on minutes from the US Federal Reserve's December meeting suggesting the central bank will not hike interest rates before April. European indices were also trading higher on expectations that poor Eurozone data could prompt the European Central Bank to implement more aggressive stimulus measures.
Key indices in Asia like Hong Kong, Japan, Singapore, Taiwan and South Korea were up by 0.65% to 1.74% while China's Shanghai Composite dropped 2.39%. In Europe, key indices in Germany, the UK and France were
up by 1.21% to 1.26%. There were indications of higher opening in US index futures, which supported bullish sentiments.
Veracity Broking Services, Head of Research, Jignesh Chaudhary said: "Positive sentiments boosted the global equities after upbeat US employment data and slide in oil prices took a breather. These eased investor concerns about the global economy."
Back home, 29 shares of 30-share Sensex pack finished higher while Reliance Industries dropped by 1.47%. Sensex gainers were led by Tata Motors (3.68%), ITC (2.52%), ICICI Bank (2.52%), Hindalco (2.41%), Gail India (2.20%), HDFC (2.14%), HDFC Bank (2.03%) and Tata Power (1.91%). Bharti Airtel (1.68%) and HUL (1.61%) also notched up good rise, among others.
In S&P BSE sectoral indices, Realty rose by 2.63%, followed by Bankex 2.07%, FMCG 1.95%, Power 1.62%, Auto 1.59%, Metal 1.30% and Capital Goods 1.02%. Total market breadth turned positive as 2,050 stocks ended with gains while 823 finished with losses. 101 others ruled steady. Total turnover rose further to Rs 3,231.16 crore from Rs 3,210.35 crore on Wednesday.
As per provisional data from stock exchanges, foreigners sold shares worth a net Rs 1,073.18 crore on Wednesday.
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