Closing bell: Sensex, Nifty break 7-day losing streak, closes higher

Ivan Schwartz
February 9, 2018

The broader Nifty was up 1.21 percent at 10,603.85 as of 0541 GMT, while the benchmark Sensex was 1.31 percent higher at 34,529.79.

The market found support from domestic institutional investors such as insurance firms and MFs, which together invested Rs 2,373 crores on Thurs-day.

DIIs had bought shares worth Rs 461.19 crore, while foreign funds sold shares to the tune of Rs 1,022.50 crore on Wednesday.

Shares of Divi's Laboratories (up 1.48 per cent), Glenmark Pharmaceuticals (up 0.72 per cent), Lupin (up 0.65 per cent) and GlaxoSmithKline Pharmaceuticals (up 0.37 per cent) were also up in the index. Key indices in Europe such as Frankfurt's DAX shed 0.63 per cent, while Paris CAC 40 down 0.38 per cent in their early deals, London's FTSE too fell 0.49 per cent. An emergence of value-buying in recently battered banking counters as also pharma and IT stocks revived optimism on domestic bourses.

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Sentiment got a boost after Brent crude futures tumbled to a six-week low of United States dollars 65.16 per barrel.

"Domestic earnings positivity and optimism in Asian peers led the Indian market higher after the RBI's status quo stabilised markets". Government bond yields extended their recent losses after the Reserve Bank of India (RBI) maintained a neutral policy stance in its recent review, which assuaged concerns of a near-term rate hike. Other major gainers among Sensex companies include SBI, Infosys, Axis Bank, Tata Steel and HDFC LTD among others.

The midcap and smallcap indices were outperforming their largecap counterparts, as the BSE MidCap Index rose 1.73% and the BSE SmallCap Index gained 2.3%.

Aurobindo (-2.2%), Vedanta (-1%), Tata Motors (-0.87%), NTPC (-0.85%) and Airtel (-0.46%) were the top losers in today's trade.

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