Sensex, Nifty log 5th session of gains

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Mumbai, Dec 17 (IANS) Buyers dominated the domestic markets as major indices rose over 0.7 per cent, logging their fifth straight session of gains on Monday.

The advances were led by financial and energy stocks. Metal, oil and gas, and power stocks gained over 1 per cent.

In contrast, IT and Teck (technology, entertainment and media) stocks ended lower.

“Belying weak global cues, Indian markets continued their upward momentum with the stabilisation of crude oil and rupee, providing more confidence to global investors,” said Essel Mutual Fund CIO Viral Berawala.

“Markets continue to build on some loosening in monetary policy and measures to push rural spend.”

The Sensex settled 307.14 points higher at 36,270.07 and the Nifty50 gained 82.90 points or 0.77 per cent to close at 10,888.35.

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Tata Motors (DVR) closely followed by Tata Motors gained the most among the 30-stock on Sensex.

The shares of the automobile major Tata Motors settled over 4 per cent up after news that its subsidiary Jaguar Land Rover will go for cost-cutting measures.

Tata Motors was followed by Power Grid, HDFC and Coal India which advanced in the range of 2 to 3.5 per cent.

In contrast, Kotak Mahindra Bank lost 2.50 per cent. Infosys and Bharti Airtel lost in the range of 1 to 2 per cent.

–IANS

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