Equities stage relief rally, halt 7-day slide on value-buying

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The day saw benchmark indices end lower in a see-saw trade with the BSE Sensex falling over 113 points to finish at 34,082.71 and the broader NSE Nifty shedding 21.55 points to close at 10,476.70.

The Sensex and Nifty logged a strong recovery today with gains of almost 1% each, ending the seven-day losing streak since the Modi government presented its last full year Budget last Thursday before it goes to Lok Sabha polls in 2019.

"Earnings will continue to trigger movement on stock specific front".

The result was announced after market hours yesterday, 7 February 2018.

Other sectoral indices that witnessed gains include realty (2.51 per cent), Telecom (1.45 per cent), Capital Goods (1.44 per cent), teck (1.41 per cent) and IT (1.40 per cent) among others. Cipla and Ajanta Pharma too gained 7.8 per cent and 5.3 per cent respectively.

Sun Pharma rallied 6 percent despite disappointing earnings from Taro Pharmaceuticals. Net sales were up 30 percent at Rs 3,417 crore.

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Axis Bank, PNB, Federal Bank, State Bank of India, Bank of Baroda, Yes Bank, Kotak Bank, HDFC Bank, IndusInd Bank and ICICI Bank advanced by up to 2.70 per cent. CLSA feels Maruti has potential to further strengthen India franchise with unveiling new compact SUV.

Auto components major Bharat Forge reported a 77.39 per cent jump in net profit at Rs 228.17 crore for the quarter ended on December 31.

The small and mid cap stocks stole the limelight on the domestic bourses outperforming their large cap peers by a huge margin with several stocks hitting their upper circuit.

The index was still down 2.8 per cent year-to-date after equities worldwide took a battering this week. BSE Healthcare index is up by 2.53%, while BSE Information Technology is up by 2.57%.

Upward trend in global market also kept the sentiments of the investors high on Thursday.