Sensex soars 366 points on value-buying; global equities rebound on Fed minutes…

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Indian equity shares surged over 1.6 per cent at the closing session on Thursday, rebounding from a near three-week low hit in the previous session, led by gains in companies focused on the domestic economy such as ITC and ICICI Bank on value-buying.

The gains snapped a three-day losing streak and marked the NSE index’s biggest single-day rise since October 31. Sentiment also got a boost after upbeat US employment data and a halt to a slide in oil eased investor concerns about the global economy.

The benchmark BSE Sensex surged 365.89 points to end at 27,274.71 and the NSE index Nifty jumped 132.5 points to end at 8,234.60. Gains were broad-based with the BSE Mid Cap index up 1.82 per cent and the BSE Small Cap index higher by 1.79 per cent.

Among BSE sectoral indices, realty index gained the most by 2.6 per cent, followed by banking 2.07 per cent, FMCG 1.95 per cent and power 1.62 per cent. Major Sensex gainers were Tata Motors 3.68%, ITC 2.52%, ICICI Bank 2.52%, Hindalco 2.41% and GAIL 2.2%, while the only loser among 30-share Sensex constituents was Reliance -1.47%.

Deutsche Bank has set its year-end target for the BSE index at 33,000, citing rising government investment as a key catalyst in 2015. It had earlier set a target of 29,000 for March 2015.

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