Markets stage strong comeback; log 5th weekly gains

Benchmarks weathered volatility to end sharply higher today, propelled by a late-session surge as investors snapped up healthcare, telecom and financials stocks amid mixed global cues.

The BSE Sensex, which was trading flat with a negative bias for the major part of the day, spurted 257.21 points or 0.73 per cent to finish at 35,689.60.

The broader NSE Nifty, after shuttling between 10,710.45 and 10,837, ended at 10,821.85 -- up 80.75 points or 0.75 per cent.

Sentiment was buoyed after data showed that foreign portfolio investors (FPIs), who had been net sellers for the past several sessions, were back to buying mode on the domestic bourses.

FPIs bought shares worth a net Rs 1,126.75 crore, while domestic institutional investors (DIIs) picked up equities to the tune of Rs 663.57 crore yesterday, provisional data showed.

Both the Sensex and Nifty posted their fifth straight weekly gains, rising 67.46 points, or 0.19 per cent, and 4.15 points, or 0.04 per cent, respectively.

On the global front, all eyes were on a crucial OPEC meet amid indications the oil cartel may agree to a production increase.

"Market recouped yesterday's loses led by outperformance by pharma and banking stocks while appreciation in rupee also gave a positive sentiment to the broad market.

"Oil price rose despite OPEC proposal to increase output by 1 mbpd. Investors may like to have a closer view on oil due to global risk. Trade tension and faster pace of tightening by Fed may refrain the market from a decisive uptick," said Vinod Nair, Head of Research, Geojit Financial Services.

Sun Pharma stole the show in the Sensex pack, spurting 3.91 per cent, followed by M&M at 2.87 per cent.

Others prominent gainers included HDFC 2.54 per cent,
Sectorally, the BSE healthcare index jumped 1.31 per cent, telecom 1.31 per cent, bankex 1.01 per cent, power 0.90 per cent, FMCG 0.81 per cent, PSU 0.50 per cent, auto 0.49 per cent,