Sensex up 416 pts

Buoyed by the US Federal Reserve’s decision to take a patient approach to hiking interest rates, Indian markets ended their five-day losing streak by ending in the green.

While the Sensex zoomed 416 points to end at 27,126.57, the Nifty closed 129.5 points higher at 8,159.3 points.

Jindal Steel was the top gainer on the Nifty, closing up 7.83 per cent, with volumes of 76.97 lakh shares at Rs 139.05. Other top gainers on the Nifty included BHEL (up 5.53 per cent at Rs 258.60), Bank of Baroda (up 5.12 per cent at Rs 1,061.85), Cairn India (up 5.06 per cent at Rs 240.80). ICICI Bank also ended over 4 per cent higher at 346.80 despite RBI penalising the bank for violating KYC norms.

Consumer durable stocks including Blue Star, Bajaj Electricals and Symphony rallied after the Cabinet approved the Goods and Services Tax (GST). Jewellery stocks also rose on the back of approval to GST.

However, there were some losers as well. Grasim was the top loser on the Nifty, losing 0.81 per cent to end at Rs 3,328.9 with volumes of 1.31 lakh shares.

According to HDFC Securities, the bulls may have made a comeback to the markets. “Technically, with the Nifty bouncing back smartly, the bulls do seem to have made a comeback. Further upsides are likely once the immediate resistances of 8,173 are crossed.

The next targets in this scenario are at 8,230. Downside supports to watch for any weakness are at 8,084,” HDFC Securities said.