Late rally in banks lift Sensex 257 pts, Nifty above 10,800; HDFC and Bajaj Fin twins lead

The market staged smart rally in the late trade on Friday with the Sensex rising more than 250 points, backed by banking & financials, FMCG and pharma stocks. But Reliance Industries, which was down 1.9 percent, capped some gains. Globally investors awaited the outcome of OPEC meeting due later in the day, and also monitor trade developments between the world’s largest economies US and China. The 50-share NSE Nifty strongly closed above 10,800-mark, rising 80.80 points to 10,821.90. The 30-share BSE Sensex rallied 257.21 points to 35,689.60 but the market breadth was in favour of bears. About 1,401 shares declined against 1,159 advancing shares on the BSE. “Nifty gained over half a percent and reclaimed 10800, thanks to strong surge in index majors in last hour. We believe Nifty would extend this positive bias but recovery in broader market is equally essential,” Jayant Manglik, President, Religare Broking said. He expects private banking and financials counters to do well along with select pharma and FMCG majors. “Traders should prefer these sectors for fresh longs while recovery in PSU banks and metal should be used to reduce long positions, if any.” For the week, the Sensex and Nifty ended flat while Nifty Bank gained over a percent. The broader markets today slightly underperformed frontliners, with the Nifty Midcap rising half a percent. The sectoral trend was mixed during the day but in last hour of trade, all sectoral indices turned positive with the Nifty Bank, Financial Services, FMCG and Pharma

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