Sensex surges 416 points, Nifty regains 8,100 mark on value buying

The benchmark BSE Sensex surged by 416 points to close above 27,000 level while the wider Nifty reclaimed the 8,100 mark on Thursday on value buying after recent sharp falls and hopes on tax reforms as the Cabinet cleared the long-pending GST bill.

The domestic markets also followed a rally in global markets after the US Federal Reserve kept its monetary policy unchanged.

The Cabinet approved the Constitution Amendment bill on Goods and Services Tax (GST) which bolstered the market sentiments. The rupee rebounding from 13-month low also backed strong buying trend, brokers said.

The 30-share Sensex barometer regained the 27,000-level at the outset and surged to the day's high of 27,180.92 before ending at 27,126.57, a rise of 416.44 points, or 1.56%, its biggest single-session gain since October 31.

The gauge rallied by 519.50 points on October 31. The index had lost 1,120.97 points in the previous five sessions on weak economic data and rising trade deficit.

The 50-issue NSE Nifty reclaimed 8,100 level by rising 129.50 points, or 1.61%, to end at 8,159.30 after soaring to 8,174.30. Strong gains of up to 4.91% in index scrips, led by BHEL, Hindalco and Gail helped the market rebound.

ICICI Bank, Maruti Suzuki, Cipla, NTPC, Tata Power, Axis Bank, L&T, Tata Steel, Bajaj Auto, Tata Motors and SBI were among major gainers.

Overall, 27 counters gained in the 30-scrip index. Laggards included M&M, Dr Reddy and Hind Unilever. The Small-cap and Mid-cap indices too joined the rally.

The BSE Midcap index recovered 2.66 % and Smallcap index rose 3.28%.

The rupee recovered from 13-month low and was trading 44 paise higher at 63.17 (intra-session) against the dollar at the forex market on Thursday.