Published: Fri, December 08, 2017
Life&Culture | By Rose Hansen

Bears lose grip as value-buying lifts Sensex 352 points

Bears lose grip as value-buying lifts Sensex 352 points

Benchmark indexes Sensex and the Nifty rose over 1 percent each on Thursday as firm global cues and a steep fall in oil prices spurred investors to go bargain hunting after last week's heavy losses.

Dalal Street saw investors hunting for bargains in recently-battered bank, auto and metal stocks, that came under the weather in the previous session on the back of the central bank's decision to hold repo rates in its sixth bi-monthly monetary policy meeting.

Major gainers in the 30-share index were Bharti Airtel (6.08%), Asian Paints (3.29%), Maruti Suzuki India (3.26%), Tata Steel (2.97%), and Bajaj Auto (2.78%). Laggards included Infratel (-1.35%), Tech Mahindra (-0.51%), NTPC (-0.50%), HPCL (-0.44%), Ambuja Cements (-0.39%).

Meanwhile, foreign portfolio investors offloaded shares worth net Rs 333.59 crore, while domestic institutional investors (DIIs) bought shares to the tune of Rs 776.18 crore on Tuesday, as per provisional data.

Scharf Investments LLC Holds Stake in Dollar Gen Corp New (DG)
Dollar General still plans to open about 1,285 new stores, as well as remodeling or relocating 760 locations, in fiscal 2017. The stock of Dollar General Corporation (NYSE:DG) earned "Neutral" rating by Goldman Sachs on Tuesday, September 6.

"Markets will now look out for the Gujarat election outcome". Participants sensed value-buying opportunities after the equities' recent lacklustre run, making stock valuations attractive, according to market participants. MSCI's broadest index of Asia-Pacific shares outside Japan was barely changed.

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

The broader market depicted a mixed trend, with the BSE mid-cap ending up 0.41 per cent, while small-cap index finished 0.03 per cent down.

The US Dow Jones Industrial Average ended 0.29 per cent higher in yesterday's trade.

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