Sensex Rebounds Nearly 250 Points, Nifty Above 10350

Demonetisation triggered more inflows into equity mutual funds driving up the market

The 30-share Sensex, which had lost 512.38 points in the previous two sessions, edged up 32.12 points, or 0.10 per cent, to close at 33,250.93 after trading between 33,463.80 and 33,111.54.

In terms of the broader markets, the BSE mid-cap closed lower by 0.09 per cent, whereas the small-cap index closed higher by 0.07 per cent.

Market breadth was negative with 1,121 advances against 1,382 declines. Sensex was down by over 53 points or -0.16% at 33,197.09 while the wider Nifty was down by over 17 points or 0.17% at 10,291.00.

According to Dhruv Desai, director and chief operating officer of Tradebulls, shares of some household appliances companies rallied by up to 13 per cent on the BSE in the otherwise range-bound market after reporting strong set of numbers in the September quarter.

Asian shares paused at decade peaks and the dollar dipped on Wednesday amid concerns Republican plans for major U.S. tax cuts were running into headwinds even before the Senate releases its own version of the proposals.

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Asian Paint and Reliance Industries also dropped by 1.78 per cent, dragging the index into the negative zone.

Among BSE sectoral indices, metal index fell the most by 1.55 per cent, followed by oil & gas 1.3 per cent, PSU 1.21 per cent and realty 0.99 per cent, while IT index was down 0.39 per cent and TECk 0.09 per cent. The week has been a disappointing one for the investors as the Street flattered to deceive them.

A weakening rupee, which depreciated by 39 paise to 65.07 against the dollar during the day, too dampened investor sentiment.

Foreign portfolio investors (FPIs) net purchased shares worth Rs 461.47 crore Tuesday, as per provisional data.

Major Sensex gainers on Friday were: SBI, up 6.20 per cent at Rs 333.20; LT, up 3.90 per cent at Rs 1,264.05; HUL, up 2.99 per cent at Rs 1,290.75; M&M, up 2.34 per cent at Rs 1,393.40; and ICICI Bank, up 2.25 per cent at Rs 318.60.

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