Mumbai May 31 (IANS) The two key indices of the Indian equity market -- S&P BSE Sensex and NSE Nifty50 -- gained more than a per cent each on Thursday as hopes of healthy gross domestic product (GDP) growth rate and predictions of a normal southwest monsoon enhanced investors risk-taking appetite.
Besides May F&O derivative expiry along with a decline in global crude oil prices aided the northward trajectory.
According to market analysts the two indices surged after healthy buying was witnessed during the fag end of the day s trade session.
Index-wise the wider Nifty50 of the National Stock Exchange (NSE) closed at 10 736.15 points up 121.80 points or 1.15 per cent from the previous close of 10 614.35 points.
Similarly the barometer 30-scrip Sensitive Index (Sensex) of the BSE which had opened at 35 083.81 points jumped over one per cent by the end of the day s trade. It closed at 35 322.38 points -- up 416.27 points or 1.19 per cent -- from its previous session s close of 34 906.11 points.
The Sensex touched a high of 35 416.03 points and a low of 34 926.08 points. The BSE market breadth however was bearish as 1 683 scrips declined against 973 which advanced.
"Markets rallied strongly on Thursday on the back of derivative expiry. A buying frenzy in the last one hour of trade propelled the indices to close near the intraday highs " said HDFC Securities Head of Retail Research Deepak Jasani.
"Positive global cues too aided the market sentiments."
Geojit Financial Services Head of Research Vinod Nair said: "Market witnessed strong bounce back led by positive global cues and fall in oil prices from $80 per bbl to $76 per bbl which has mildly improved sentiment."
"Additionally investors are expecting a strong Q4 GDP growth which is adding some positive vibes. Banks led from the front while midcaps underperformed due to concern on valuation."
Further on the currency front the Indian rupee strengthened by two paise against the US dollar to 67.41 from its previous close at 67.43 per greenback.
Investment-wise provisional data with exchanges showed that foreign institutional investors sold scrips worth Rs 15.31 crore while the domestic institutional investors sold stocks worth Rs 266.02 crore.
Sector-wise the S&P BSE banking index surged by 563.22 points the oil and gas index rose by 166.17 points and the finance index ended 100.72 points higher.
On the other hand the S&P BSE consumer durables index fell by 202.50 points the capital goods index was down by 119.21 points and the healthcare index ended 109.19 points lower.
The major gainers on the Sensex were Adani Ports up 4.70 per cent at Rs 392.20; HDFC Bank up 4.36 per cent at Rs 2 136.15; IndusInd Bank up 3.14 per cent at Rs 1 948; Mahindra and Mahindra up 3.12 per cent at Rs 923.50; and Hindustan Unilever up 2.75 per cent at Rs 1 625 per share.
The top losers were Sun Pharma down 2.95 per cent at Rs 480.15; Tata Motors down 2.09 per cent at Rs 282.90; Hero MotoCorp down 1.65 per cent at Rs 3 547.25; Dr Reddy s Lab down 1.14 per cent at Rs 1 940.10; and Maruti Suzuki down 0.81 per cent at Rs 8 534.95 per share.

--IANS rrb-rv/bg