Sensex, Nifty gain over 1% on bargain hunting

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30-share BSE Sensex gained 352.03 points to close on 32,949.21 while the broader 50-share NSE Nifty finished on 10,166.70, more than 120 points above previous closing.

According to market observers, robust buying in auto, consumer durables and capital goods stocks lifted the benchmark indices. Meanwhile, the Nifty was trading higher by 75.70 points or 0.75% at 10,119.80 with 45 components gaining. All the sectoral sub-indices finished firmly in the green with the Nifty Metal index, which has been on a sticky wicket off late, gaining nearly 2 per cent during the day.

Auto stocks led the rally with shares of Motherson Sumi, Maruti, Bajaj Auto, Bosch, Ashok Leyland, Apollo Tyres and TVs Motors gaining over 2 per cent each.

Mumbai: Benchmark Nifty staged a smart recovery and climbed by 122.60 points on Thursday, driven by across- the-board value buying despite bearish Asian cues.

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Market breadth was positive with 1,614 advances against 542 declines. Crude prices in the global markets slipped almost 3 per cent on Wednesday, its biggest daily decline in more than two months, after a sharp rise in USA inventories of refined fuel suggested demand may be weakening.

In the eurozone, key indices such as Paris CAC 40 and Frankfurt's DAX were up by 0.32 per cent and 0.55 per cent in their early deals. Asian major also settled higher on Thursday with Nikkei 225 index climbing over 1 per cent followed by Hang Seng 0.28 per cent.