Market surges over value buying

Market surges over value buying
Highlights

Following spurt in the oil prices, a rally is seen in the Reliance stock gaining 2 per cent and its peers ONGC, Cairn also gained 1.5 per cent each. 

Mumbai: The stock markets ended with gains for the fourth consecutive session on Monday taking cue from global markets. Markets assumed positive budgetary announcements triggered value buying in the select counters including oil and gas, pharma, metals and banks.

Analysts see markets to remain range-bound ahead of expiry of February derivative contracts and Union Budget to be announced on February 29.

Sensex closed at 23,789, up by 80 points, Nifty ended at 7,235, up by 24 points. Meanwhile, the broader markets outperformed index shares with Midcap index up 0.75 per cent.

On the sectoral front, top gainer is healthcare index followed by oil and gas and banking indices, on the other hand, IT index declined followed by power stock.

Following spurt in the oil prices, a rally is seen in the Reliance stock gaining 2 per cent and its peers ONGC, Cairn also gained 1.5 per cent each.

Also pharma stocks gained with Lupin surging over 1.5 per cent as the company get USFTC nod after agreeing to divest two generic drugs by Lupin and Gavis. The other gainers from the Pharma pack including Sun Pharma, Cipla and Dr Reddy's up between 1% and 2%.

On the flip side, auto major Maruti fell 1.6 per cent as the company suffered production due to Jats agitation in Haryana. Expecting hike in excise duty on tobacco, ITC fell 1.7 per cent.

The gainers: Hindustan Unilever, up 4.02 per cent at Rs 858.85; Sun Pharma, up 2.16 per cent at Rs 882.40; Reliance Industries, up 1.90 per cent at Rs 962.45; Asian Paints, up 1.74 per cent at Rs 868.95; and Lupin, up 1.57 per cent at Rs 1,810.95.

The losers: NTPC, down 2.05 per cent at Rs 126.85; ITC, down 1.72 per cent at Rs 299.60; Maruti Suzuki, down 1.61 per cent at Rs 3,523.30; Adani Ports, down 1.39 per cent at Rs 205.80; and Gail, down 1.29 per cent at Rs 321.80.

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