The Hindu Business Line : Sensex up 81.21 on value-hunting

THE bourses were up for the third day today as market players went value-hunting before the Union Budget. Broad-based buying across sectors and sizes ensured that the indices were in the green all day.

The Sensex gained 81.21 points, an appreciation of 1.71 per cent to close the day's trade at 4837.6. Cipla, Hindalco, Wipro, SBI, MTNL were the biggest gainers among the index scrips.

The Nifty gained 1.74 per cent during the day's trade and moved up 25.75 points to close at 1514.35. All Nifty scrips except Britannia, HDFC, Hero Honda, HLL, Reliance Energy and ONGC closed positive today.

Pharmaceutical scrips turned around from the battering of the last few days trade and witnessed a smart rally. Cipla gained 4.17 per cent at the NSE, followed by Sun Pharma (4.17 per cent), Dr. Reddy (3.25 per cent) and Ranbaxy (1.88 per cent).

Technology scrips also had a good day at the bourses.

Brokers said that the market would be buoyant till Budget day. "Wherever a stock looks attractive, there are buyers now. This was not true two weeks ago," said a broker with an institutional broking firm.

Despite this, the markets are expected to be range bound till July 8.

"There is a lot of value in the current market. People do not want to let these bargains go. However, macro economic signal from the Budget would be the key to the market in the medium term," said an analyst.

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