Sensex Surges 259 pts, Nifty Reclaims 8,200 on Oil Spike

Markets rallied for the fourth consecutive session on Wednesday, with the benchmark Sensex surging 259 points to end at a fresh two-week high of 26,652 driven by upbeat global cues on strengthening oil prices. Consumer durables, banking, finance, capital goods, industrials and power sectors were the major winners.

Sentiment was upbeat on hopes that the government and RBI will announce more measures to contain the fallout of demonetisation while globally, oil prices spiked ahead of a crucial OPEC meet where producers are set to discuss an output cut.

The Sensex resumed higher at 26,441.02 and hovered in a range of 26,680.55 and 26,395.50 before ending at 26,652.81, showing a gain of 258.80 points or 0.98 per cent. This is its highest closing since November 11, when it had closed at 26,818.82. The gauge has gained 792.64 points of 3.07 per cent in four days. The 50-share NSE Nifty settled 82.35 points, or 1.01 per cent higher at 8,224.50 after shuttling between 8,234.25 and 8,139.25.

Sentiment was upbeat on hopes that the government and RBI will announce more measures to contain the fallout of demonetisation while globally, oil prices spiked ahead of a crucial OPEC meet where producers are set to discuss an output cut.

Banking sector was firm early in the day itself, with a slew of banks cutting rates. However, the recent rally notwithstanding, both the indices ended the month with losses. During November, the Sensex plunged 1,277.40 points, or 4.57 per cent, while the Nifty tumbled 401.20 points, or 4.65 per cent.