Sensex Jumps 450 Points: Metal Shares Lead Rally

Mumbai, Dec 12 (PTI) Benchmark stock index Sensex rallied nearly 450 points while broader Nifty closed above 26,000 level on Friday following buying in metal shares and positive global trends.

Rising for the second day, the 30-share BSE Sensex climbed 449.53 points or 0.53 per cent to settle at 85,267.66. During the day, it jumped 502.69 points or 0.59 per cent to 85,320.82.

The 50-share NSE Nifty surged 148.40 points or 0.57 per cent to 26,046.95.

Among Sensex firms, Tata Steel, Eternal, UltraTech Cement, Larsen & Toubro, Maruti and Bharti Airtel were the major gainers.

However, Hindustan Unilever, Sun Pharma, ITC and Asian Paints were among the laggards.

"Global risk appetite improved after the US Fed rate cut, boosting liquidity optimism and lifting domestic equities despite the rupee hitting record lows and continued FII outflows. Broader indices are showing buying interest, bouncing back post recent consolidation," Vinod Nair, Head of Research, Geojit Investments Limited, said.

In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng index settled in positive territory.

European markets were quoting higher. US markets ended mostly higher on Thursday.

Brent crude, the global oil benchmark, dipped 0.05 per cent to USD 61.25 per barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,020.94 crore on Thursday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 3,796.07 crore, according to exchange data.

On Thursday, the Sensex climbed 426.86 points or 0.51 per cent to settle at 84,818.13. The Nifty went up by 140.55 points or 0.55 per cent to 25,898.55.