Sensex, Nifty gain over 1%; auto, durables stocks surge

Sensex soars 301 points reclaims 33,000-mark

Stocks bounce back

Mumbai: The benchmark BSE Sensex regained the 33,000-mark by recovering almost 176 points in opening trade today on value-buying by domestic investors in recently battered stocks.

The Sensex was up by 352.03 points or 1.08 per cent at Thursday's closing.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE provisionally closed gaining over 300 points, while the wider Nifty50 of the National Stock Exchange (NSE) closed firmly above the 10,100 level.

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On Friday, the benchmark indices were dragged lower by growing concerns over the country's widening fiscal deficit, coupled with negative global cues and profit booking in auto, metal and oil and gas stocks.

Brokers said unabated buying by retail and domestic institutional investors and a firm trend in other Asian markets influenced sentiment here.

In the global markets, Asian shares hovered near two-month lows on Thursday as softer oil and copper prices and uncertainty over U.S. policy kept many investors on the sidelines, even as some high-tech bellwethers bounced back after a searing sell-off.

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The NSE Nifty too rose 60.65 points, or 0.59 percent, at 10,227.35 in early trade on Friday.

Major gainers were Hindustan Unilever 1.37%, HDFC 1.25% and Tata Motors 1.06%. China's Shanghai Composite Index was quoting in green, up by 0.15 per cent. Japan's Nikkei led the way again with an early gain of 0.9 percent, adding to Thursday's 1.45 percent bounce.

USA stocks closed higher yesterday, with the S&P 500 snapping a four-session losing streak on the back of gains in technology, industrials and materials sectors.

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