Bears lose grip as value-buying lifts Sensex 352 points

Sensex ends lower ahead of RBI's monetary policy decision

The Nifty closed the week with 1.4 per cent gain.

Bank stocks, in fact, fell on Wednesday after the RBI made a decision to keep the repo rate unchanged in its monetary policy review.

Sentiment bolstered after opinion polls gave an edge to the ruling BJP in crucial Gujarat elections, with investors vouching on current government fast phased economic reforms with political stability is vital for positivity in markets. The index had rallied 352.03 points in the previous session on value-buying by investors in recently-battered blue-chip stocks.

The broader NSE Nifty too slipped by 9.50 points, or 0.09%, to end at 10,118.25, after moving between 10,069.10 and 10,147.95. In India, the overall market breadth was also positive with 1,584 stocks gaining ground on the BSE, as against 1,116 declines. "This money will come to the stock market", said a dealer.

Meanwhile, foreign portfolio investors offloaded shares worth net Rs 333.59 crore, while domestic institutional investors (DIIs) bought shares to the tune of Rs 776.18 crore on Tuesday, as per provisional data.

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ITC emerged as the leader of the Sensex pack on Friday, with a 3.44 percent rise, followed by Tata Motors at 2.21 percent.

Among sectoral and industry indices, consumer durables jumped by 2.72 percent, FMCG 2.70 percent, oil&gas 2.68 percent, teck 2.61 percent, IT 2.05 percent, auto 1.48 percent, realty 1.36 percent, healthcare 1.21 percent, metal 0.76 percent, bankex 0.75 percent, capital goods 0.74 percent, IPO 0.70 percent and power 0.26 percent.

Asian markets were trading higher following a broad-based rally in United States equities. The S&P BSE Small-Cap index gained 194.40 points or 1.08 percent to settle at 18,211.88.

In the Asian region, Japan's Nikkei rose 1.39 percent, Hong Kong's Hang Seng gained 1.19 percent, while Shanghai Composite Index gained 0.55 percent. Paris CAC fell 0.29% and Frankfurt's DAX shed 0.13%. London's FTSE was up 0.27%.

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