Mumbai: Unabated buying by domestic institutions propelled the benchmark Sensex beyond the 33,000-mark on Friday, with FMCG stocks securing a podium finish. Buying sentiment was bolstered after opinion polls gave an edge to the BJP in the upcoming Gujarat elections, while upbeat global leads added to the momentum. The Nifty finished the day at 10,265.65, a hefty gain of 98.95 points, or 0.97%, after shuttling between 10,270.85 and 10,195.25.
According to market observers, the upward rally of the equity markets was fuelled by positive hopes of the ruling BJP's win in the critical Gujarat Assembly Elections 2017, which will take place in two phases on December 9 and December 14. In India, the overall market breadth was also positive with 1,584 stocks gaining ground on the BSE, as against 1,116 declines.More news: Aiyar's 'neech' remark, aggressive BJP and Rahul Gandhi's master stroke
The broader market, midcap shares outsmarted the smallcap stocks with substantial gains. Other companies that stood among the pack of gainers on the Sensex include Asian Paints, Maruti Suzuki, Tata Steel, Bajaj Auto, NTPC, Larsen and Toubro, ICICI Bank, Hindustan Unilever, State Bank of India, Tata Motors, Lupin, Adani Ports, Hero MotoCorp, Power Grid and Infosys, rising up to 3.29%.
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. Provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 675.16 crore while domestic institutional investors bought stocks worth Rs 1,243 crore. Japan's Nikkei advanced 1.45%, Hong Kong's Hang Seng went up 0.29%, while China's Shanghai Composite Index surrendered 0.67%. The S&P BSE Small-Cap index gained 194.40 points or 1.08 percent to settle at 18,211.88. Paris CAC fell 0.29% and Frankfurt's DAX shed 0.13%.