Business

Sensex closes 26 points higher at 25,868.49, Nifty above 7,850

Mumbai,November 21: The BSE Sensex extended gains for the second straight day in a choppy trad its first weekly gain in four as it edged up over 26 points on increased buying by investors and retailers, tracking a firm overseas trend. Brokers said sentiment improved after investors bet on the US Fed to raise rates in December but proceed cautiously with any further tightening thereafter.

The 7th Pay panel report, which was submitted on Thursday after market hours, buoyed investors, which recommended 23.55% hike in pay and allowances for government employees.

The 30-share Sensex was in the grip of profit booking initially, but recovered on the back of across-the-board buying in blue-chips and closed higher by 26.57 points, or 0.10%, at 25,868.49. The gauge had gained 359.40 points on Thursday.

The broader Nifty ended at 7,856.55, up 13.80 points, or 0.18%, after trading between 7,817.80 and 7,906.95 intra-day.

For the week, the Sensex added 257.96 points, or 1%, and the NSE Nifty 94.30 points, or 1.21%—their best weekly performance since 9 October. In 30-Sensex kitty, GAIL India emerged as the top gainer, up 10.07%.

Wipro, Dr Reddy's, Cipla and Vedanta too advanced. Sectorally, oil and gas hogged the limelight by rising 2.05%, followed by capital goods, IT and technology. The auto index jumped 0.60% as stocks like M&M, Maruti Suzuki and Bajaj Auto climbed up to 1.92% following the Pay panel recommendations, which are expected to raise the disposable income for consumers.

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