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The stock market, along with bourses globally, perked up today on news that the US Fed will continue its quantitative easing until the job scene in the US stabilises.
The BSE Sensex surged 2 per cent or 382 points to close at 19,676.The Nifty closed at 5,935 up 118 points.
Gold prices bounced back strongly and hit a near two-week high on renewed offtake by stockists and traders amidst positive cues from overseas markets. Silver also recovered.
However, the rupee, which rose to a one-week high in early trade, erased those gains to close marginally weaker at 59.69 against the dollar.
Motilal Oswal, Chairman and MD, Motilal Oswal Financial Services, said: “It is a good time to pick up fundamentally good stocks as price levels are still attractive.” However, market players were worried on the rising crude oil prices. Sanjeev Zarbade, Vice-President, Private Client Group, Kotak Securities, said, “While the recovery in the markets is comforting, crude oil has again firmed up and is trading at close to about $108 a barrel. We remain concerned on this front.”
Foreign institutional investors bought equity in the net worth Rs 638 crore, while domestic intuitional investors offloaded equity worth Rs 235 crore. Retail investors on the BSE also were net sellers of equity worth Rs 41 crore.
Sesa Goa, Hindalco, Bharti Airtel, Kotak Bank and IndusInd Bank were the top five Nifty gainers while L&T, Maruti, Ranbaxy and Tata Motors were the only losers.
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