Sensex extends gains for second day, up 26 points
The BSE Sensex extended its gains for a second straight day in a choppy trade -- its first weekly gain in four -- as it edged up over 26 points on increased buying by investors and retailers, following a firm overseas trend.business Updated: Nov 20, 2015 17:29 IST
The BSE Sensex extended its gains for a second straight day in a choppy trade -- its first weekly gain in four -- as it edged up over 26 points on increased buying by investors and retailers, following a firm overseas trend.
Brokers said sentiment improved after investors bet on the US Fed to raise rates in December but proceed cautiously with any further tightening thereafter.
The 7th Pay panel report, which was submitted on Thursday after market hours, buoyed investors, which recommended 23.55% hike in pay and allowances for government employees.
The 30-share Sensex was in the grip of profit booking initially, but recovered on the back of across-the-board buying in blue-chips and closed higher by 26.57 points, or 0.10%, at 25,868.49. The gauge had gained 359.40 points on Thursday.
The broader Nifty ended at 7,856.55, up 13.80 points, or 0.18%, after trading between 7,817.80 and 7,906.95 intra-day.
For the week, the Sensex added 257.96 points, or 1%, and the NSE Nifty 94.30 points, or 1.21% -- their best weekly performance since October 9.
In 30-Sensex kitty, GAIL emerged as the top gainer, up 10.07%.
Wipro, Dr Reddy’s, Cipla and Vedanta too advanced.
Sectorally, oil and gas hogged the limelight by rising 2.05%, followed by capital goods, IT and technology.
The auto index jumped 0.60% as stocks like M&M, Maruti Suzuki and Bajaj Auto climbed up to 1.92% following the Pay panel recommendations, which are expected to raise the disposable income for consumers.
The broader markets too ticked up, helped by retail investors. The BSE mid-cap and small-cap closed higher by up to 0.86%.
Globally, Asian stocks ruled firm and even Europe had a better opening.
In Asia, Hong Kong’s Hang Seng ended 1.13% up while Shanghai Composite closed 0.37% higher and Japan’s Nikkei 0.10%.
Meanwhile, foreign investors sold shares worth Rs 343.18 crore on Thursday, as per provisional data.