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Sensex Posts First Weekly Gain In Four, Surges 401 Points

On a weekly basis, the Sensex recovered 435.03 points or 1.78 per cent and the NSE Nifty rose 141.10 points or 1.90 per cent to log first weekly gain this year

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Indian stocks rose nearly 2 per cent on Friday, posting their first weekly gain in four, as a rebound in commodity prices and Bank of Japan's bold move to adopt negative interest rates ended a tough month for markets with a flourish.

The Sensex ended 401 points or 1.64 per cent higher on Friday. For the week, it rose 1.78 per cent but fell 4.77 per cent in January.

On a weekly basis, the Sensex recovered 435.03 points or 1.78 per cent and the NSE Nifty rose 141.10 points or 1.90 per cent to log first weekly gain this year.

Interestingly, since January 29, 2015 -- when the BSE Sensex had hit its all-time of 29,681.77 -- the index has lost 4,811.08 points or 16.21 per cent.

"Market welcomed the February series on a firm note led by strong global cues and rebound in crude oil prices. Further, Bank of Japan negative interest rate policy and strong rupee has also cheered the sentiment of the investors," said Gaurav Jain Director of Hem Securities.

Covering up of positions by speculators, fearing a further run-up in coming sessions, also helped the key indices rise.

The 30-stock index after opening in negative zone at 24,347.31 quickly staged a comeback and rallied to hit the session's high of 24,911.90 on across-the-board buying, tracking positive Asian cues and building-up of bets following the beginning of the February derivatives series.

Finally, the gauge settled 401.12 points or 1.64 per cent higher at 24,870.69.

The index had shed 22.82 points in the choppy session yesterday.

NSE Nifty reclaimed the 7,500-mark to hit a high of 7,575.65 intra-day, before closing at 7,563.55, up 138.90 points, or 1.87 per cent.

Top gainers among Sensex constituents included Coal India, Hero MotoCorp, Sun Pharma, Hindustan Unilever, Dr Reddy's and Bajaj Auto.

A firming trend at other Asian markets, led by Japan after the Bank of Japan surprised markets by announcing a negative interest rate policy, buoyed sentiment here too.

Shanghai index rose 3.09 per cent, Hang Seng index settled 2.54 per cent higher, while Japan perked up by 2.80 per cent.

Singapore, Taiwan, South Korea also surged by 2.60 per cent, 2.22 per cent and 0.27 per cent, respectively.

European indices were also trading higher in their early trade as indices in France, Germany and the UK rose by 1.09 per cent to 1.35 per cent.

Back home, out of the 30-share Sensex pack, 25 scrips ended higher.

Buying activity also picked up in the broader markets with the BSE mid-cap rising 2.02 per cent and small-cap gaining 1.07 per cent.

Major BSE gainers were Coal India (4.73 pc), Hero MotoCorp (4.67 pc), Sun Pharma (4.60 pc), HUL (3.29 pc), Dr Reddy's (3.21 pc), Bajaj Auto (3.18 pc), Infosys (2.96 pc), ONGC (2.87 pc), M&M (2.62 pc), TCS (2.59 pc), Wipro (2.57 pc), HDFC (2.56 pc), Larsen (2.33 pc) and Cipla (1.90 pc).

However, SBI fell by 2.91 per cent, followed by Tata Steel (1.71 pc), NTPC (1.32 pc), ICICI Bank (1.22 pc) and Bharti Airtel (0.55 pc).

Among BSE sectoral and industry indices, consumer durables rose by 3.26 per cent, followed by Healthcare by 2.51 per cent, IT 2.43 per cent, energy 2.08 per cent, teck 2.04 per cent, capital goods 1.93 per cent, auto 1.91 per cent, metal 1.78 per cent, power 1.64 per cent, oil&gas 1.58 per cent and industrials 1.31 per cent.

The market breadth turned positive as 1,565 shares ended higher, 1,023 declined, while 195 ruled steady. The total turnover rose to Rs 2,695 crore from Rs 2,451.22 crore on Thursday.

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