Sensex surges 259 pts, Nifty reclaims 8,200 on oil spike

Sensex surges 259 pts, Nifty reclaims 8,200 on oil spike

ZCZC
PRI ECO GEN NAT
.MUMBAI DEL36
LD STOCKS
Sensex surges 259 pts, Nifty reclaims 8,200 on oil spike

Mumbai, Nov 30 (PTI) Markets rallied for the fourth
consecutive session today, with the benchmark Sensex surging
259 points to end at a fresh two-week high of 26,652 driven by
upbeat global cues on strengthening oil prices.
Consumer durables, banking, finance, capital goods,
industrials and power sectors were the major winners.
The Sensex resumed higher at 26,441.02 and hovered in a
range of 26,680.55 and 26,395.50 before ending at 26,652.81,
showing a gain of 258.80 points or 0.98 per cent. This is its
highest closing since November 11, when it had closed at
26,818.82.
The gauge has gained 792.64 points of 3.07 per cent in
four days.
The 50-share NSE Nifty settled 82.35 points, or 1.01 per
cent higher at 8,224.50 after shuttling between 8,234.25 and
8,139.25.
Sentiment was upbeat on hopes that the government and RBI
will announce more measures to contain the fallout of
demonetisation while globally, oil prices spiked ahead of a
crucial OPEC meet where producers are set to discuss an output
cut, analysts said.
“Banking sector was firm early in the day itself, with a
slew of banks cutting rates. Uniquely enough, being at the
month s end, salary disbursals are also in focus, which is
expected to inject more life into the cash-starved economy,”
said Anand James, Chief Market Strategist, Geojit BNP Paribas
Financial Services.
The recent rally notwithstanding, both the indices ended
the month with losses. During November, the Sensex plunged
1,277.40 points, or 4.57 per cent, while the Nifty tumbled
401.20 points, or 4.65 per cent.
Meanwhile, foreign funds sold shares worth a net Rs 715.30
crore yesterday, as per provisional data released by the stock
exchanges.
Overseas, Asian and European stocks rose as investors
awaited the conclusion of the highly-anticipated meeting of
the Organization of the Petroleum Exporting Countries (OPEC).
Key indices in Hong Kong, Japan, Singapore, South Korea
and Taiwan rose by 0.01 per cent to 0.86 per cent while
China’s index eased by 1.00 per cent.
Key European indices in France, Germany and UK also
moved up by 0.34 per cent to 0.54 per cent.
US stocks closed higher yesterday, with the Nasdaq
touching a record, but the market failed to make much headway.
(MORE) PTI RSU RD SUN KPS DP SDG
ABM
11301711
NNNN

PTI