Indians equities surged over 1.8 per cent at the closing session on Friday owing to fresh buying by funds and retail investors amid firm European cues.

The 30-share BSE index Sensex was up 371.10 points or 1.79 per cent at 21,079.92 and the 50-share NSE index Nifty was up 110.75 points or 1.8 per cent at 6,277.40.

Barring consumer durables, all other BSE sectoral indices ended in the green.

Among them, oil & gas, realty, auto and banking sector stocks led the Sensex rally and were up 3.83 per cent, 2.76 per cent, 2.02 per cent and 1.81 per cent, respectively. Only consumer durables index was down 1.45 per cent.

RIL, ONGC, Wipro, M&M and HDFC were the top five Sensex gainers, while SSLT, Sun Pharma and Jindal Steel were the only three losers.

European stocks were up after the Federal Reserve said that it will reduce the stimulus. Asia’s benchmark stock index swung between gains and losses as Chinese shares fell amid concern funding costs for lenders will remain high.

“Globally, stock markets were seen giving a quiet reaction to the news, as they are comfortable with the quantum of tapering. However, going ahead, when the Fed will actually start the tapering process, we are likely to witness its negative effect in these markets, as tapering will result in outflows from the stock/bond markets,” Indian Forex Advisors said in a research report.

(This article was published on December 20, 2013)
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