Mumbai :Domestic market today rallied steeply from intra-day loss in the last leg of the session on recovery in majors RIL, SBI and Tata Motors, helping the BSE Sensex jump by 204 points and log third consecutive weekly gain.
Besides, fag-end buying, global cues also helped the NSE Nifty to go past the psychologically crucial 8,200-mark.
Lenders gained the most from the surge in the final 90 minutes, which pushed the BSE banking index by 1.30 per cent. While, Maruti Suzuki continued upward journey and gathered another 1.56 per cent to Rs 4,448 on expectations of pick up in its sales during the ongoing festive season.
Other stocks from the auto space too perked up with Tata Motors rising by 1.72 per cent to Rs 387.25, followed by M&M 1.19 per cent, Bajaj Auto 0.42 per cent and Hero MotoCorp 0.88 per cent. Out of the 30-share Sensex, 20 ended higher.
Reliance Industries also perked up by 0.91 per cent ahead of its second quarter earnings numbers.
“Much to participants’ relief the sudden surge in bank heavyweights in last hour helped benchmarks to close with decent gain and carry the momentum,” said Jayant Manglik President Retail Distribution at Religare Securities.
The benchmark BSE Sensex extended its gains for the second straight day, firming up by 204.46 points to 27,214.60. During the session, the index traded in the range of 26917.12 and 27239.22.
Meanwhile, the 50-issue NSE Nifty recaptured the 8,200-mark and settled 58.65 points or 0.72 per cent higher at 8,238.15. It slipped to a low of 8,147.65 during the day.
Manglik blamed weak domestic sentiments, which kept the indexes in tight range after a subdued start.
Country’s exports shrunk for the tenth straight month by 24.33 per cent in September to USD 21.84 billion due to steep fall inbound shipments of petroleum products, iron ore, and engineering goods amid tepid global demand.
However, gains in other global markets made sure that the domestic indexes end higher for a third straight week.
Both Sensex and Nifty climbed 135.09 points (0.49 pc) and 48.45 points (0.59 pc), respectively, for the week.
European stocks edged higher after a lackluster reading on the US consumer prices strengthened the view that Federal Reserve may continue to hold off on raising interest rates. Key indices in France, Germany and the UK firmed up by 0.70 per cent to 0.83 per cent.
Asian shares ended up on stimulus hopes in the wake of recent weak economic data. Key indices in China, Hong Kong, Japan, Taiwan and Singapore closed higher between 0.04 per cent to 1.60 per cent while South Korea Kospi eased by 0.15 per cent.