BSE Market Update: Sensex surges 271 points ahead of retail inflation, IIP data

Markets gained for the third straight session on Thursday with the benchmark Bombay Stock Exchange (BSE) Sensex surging over 271 points to 28,805.10 on fag-end buying in some blue-chips ahead of retail inflation and IIP data.

The National Stock Exchange (NSE) Nifty index reclaimed the 8,700-mark by rising 84.15 points, or 0.98 per cent, to end at 8,711.55 after shuttling between 8,732.55 and 8,599.25.

After slipping briefly into the red, the broader indices gained pace towards the closing hours.

The BSE Sensex resumed higher at 28,650.25 on initial buying and advanced further to 28,685.88 but succumbed to profit-booking and fell back to touch the day's low of 28,406.25 in late morning trade.

However, the index rebounded during the afternoon session to touch the day's high of 28,838.52 on fag-end buying before concluding at 28,805.10, logging a gain of 271.13 points, or 0.95 per cent, from its previous closing.

This is its strongest close since 28,717.91 on February 6.

In three successive days, Sensex has gained 577.71 points.

Dr Reddy's emerged the major gainer among Sensex stocks by surging 5.49 per cent to Rs 3,327.50.

Other prominent gainers in the 30-share Sensex include BHEL, Cipla, GAIL, Hindalco, Maruti Suzuki, L&T, Sesa Sterlite, Tata Power, Axis Bank, HDFC, HDFC Bank, Hero MotoCorp, ICICI Bank, Infosys, M&M,NTPC, ONGC and RIL.

Sentiments buoyed by the Finance Minister Arun Jaitley's statement that the defeat in Delhi polls will not slow down the pace of economic reforms and optimism over the forthcoming Budget.

Investors are now eyeing December IIP data and January retail inflation, to be released later today, brokers said.

Sectorally, the BSE Power index gained the most by rising 2.51 per cent, followed by Capital Goods index 2.33 per cent, Healthcare index 1.69 per cent, Auto index 1.47 per cent, Infrastructure index 1.32 per cent, Realty index 1.28 per cent and IT index 1.04 per cent.

Supported by retail investors' buying, the small-cap index rose 1.27 per cent and mid-cap index surged 1.13 per cent.

Major Sensex losers were Bajaj Auto, Bharti Airtel, Coal India, Hind Unilever, ITC, SBI and Sun Pharma.

Higher closing at other Asian markets and a better opening in Europe also influenced trading sentiments in Mumbai. Foreigners sold shares worth a net Rs 371.27 crore on Wednesday as per provisional data.