Sensex surges 352 points on all-round buying

The Reserve Bank of India is widely expected to keep policy rates on hold but investors will watch for any hints of a cut at the February meeting in the policy statement to be released on Wednesday

The Reserve Bank's two-day monetary policy review kicked off on Tuesday. Sensex climbed 242 points or 0.74% to 33,191.75 while the wider Nifty was up by over 76 points or 0.76% to 10,243.60. In early trading, both indices were gaining more than half a per cent.

At 3:30 PM, BSE Sensex ended higher by 37 points to 32,869 and the NSE Nifty50 Index gained by 6 points to 10,128.

Meanwhile, services sector activity slipped into the contraction territory during November, post the implementation of the Goods and Service Tax (GST) that led to sluggish demand and lower customer turnout, a monthly survey said. Reserve Bank of India Governor Urjit Patel said on Wednesday the government would "in the coming days" detail how it plans to inject an announced $32 billion into state-run lenders, which was announced in October.

Buying by retail investors and domestic institutions has gathered momentum amid strong global cues.

"Markets will now look out for the Gujarat election outcome".

Hero MotoCorp was the worst performer in the Sensex pack, falling 2.31%, followed by Wipro at 2.29%.

According to market observers, healthy buying in index heavyweights like Bharti Airtel, Maruti Suzuki, Bajaj-Auto and Asian Paints lifted the benchmark indices.

All the sectoral indices on the National Stock Exchange (NSE) traded in the green with the auto, media, metals and PSU banking indices gaining over 1%, during the day.

The broader market depicted a mixed trend, with the BSE mid-cap ending up 0.41 per cent, while small-cap index finished 0.03 per cent down. Hong Kong's Hang Seng was up 0.10 per cent while Japan's Nikkei gained 1.27 per cent in early trade today.

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