Sensex, Nifty, Midcap gain 1% on strong advance:decline ratio

Equity benchmarks extended rally, aided by banks, infra, oil and FMCG stocks. The 30-share BSE Sensex surged 234.34 points to 25134.80 and the 50-share NSE Nifty jumped 73.40 points to 7670.40.

The broader markets gained 1 percent too, supported by strong market breadth. About 1596 shares advanced against 535 declining shares on BSE.

Oil futures rebounded in Asian trade, buoyed by a forecast for a less than expected build in crude oil stockpiles last week. A weakening dollar also lent some support but concern that a two-month rally was fading in an oversupplied market put a ceiling on gains.

Brent futures climbed 27 cents to USD 39.41 a barrel after settling down $1.13 in the previous session. US crude rose 36 cents to USD 38.64 a barrel after ending the previous session down USD 1.11.

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Posted in: Indian Market Tips