Stock Market News :- Benchmark
indices gained for the second straight day, amid a firm rally in the Asian
equities, as crude oil prices advanced on hopes that the big oil producers will
cap the output in order to tackle the supply glut. Gains were witnessed across
the board led by private banks and IT majors while oil exploration major ONGC
was among the top Sensex gainers.
The S&P BSE Sensex surged 267 points to end at 23,649
and the Nifty50 soared 83 points to close at 7,192. Meanwhile, BSE Midacp and
Smallcap indices underperformed the larger peers and closed 0.5% higher. The
market breadth closed strong with 1,420 advances versus 1,115 declines on the
BSE.
“It's been a
comforting week for the Market so far. We have witnessed a recovery of almost
350 points from our recent lows. The move being backed by select Pharma stock,
IT, as well as Capital goods major L&T, provides a lot of stability to the
markets. The short term technical patterns are indicating further legs to this
'bounce' till 7,300-7,350 levels,” said Kunal Bothra, Head-Advisory, LKP
Securities.
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