Sensex down 71 points; Nifty trades at 10274

The Sensex on Wednesday surged 1.33% to close at a record 33,042.50 points while the Nifty PSU bank index jumped 29.63% its biggest single day gain. Graphic Mint

Sensex down 71 points; Nifty trades at 10274

At present the banking sector is in a bad shape crippling with NPAs and the latest announcement from the government is expected to cheer it up.

Market observers said that expectations of healthy quarterly results and buying support for the auto and banking stocks had lifted the key indices.

The 30-share BSE Sensex was up 435.16 points or 1.33 percent at 33,042.50 and the 50-share NSE Nifty rose 87.70 points or 0.86 percent to 10,295.40.

The NSE Nifty50 slipped by 21 points or 0.20 per cent to close at 10,323.05 points. The Sensex resumed higher at 33,228.32 and surged to an intra-day record of 33,286.51.

Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS: "Almost all PSBs' stocks like those of SBI, BoB and PNB rose to touch their new 52-week highs during the intra-day trade".

The sectoral indices like Materials, Consumer Durable, FMCG and Industrials rallied in opening trade.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) sold scrip worth Rs 640.95crore, whereas domestic institutional investors (DIIs) invested stocks worth Rs 56.57 crore.

On the currency front, the rupee strengthened by 16 paise to close at 64.89-90 against the USA dollar from its previous close at 65.06. At 9:18 am, the BSE index was up 106 points at 33253 level. For the week, the Sensex recorded handsome gains of 767.26 points or 2.37 per cent - its best weekly gain since January 27.

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