Mumbai: Benchmarks Sensex and Nifty witnessed a stellar rally before closing with over 1 per cent gains each, supported by the twin surprises, inflation falling to three-year low of 7.1 per cent in December and GAAR getting deferred to April 2016. The 30-share Sensex soared 242.77 points or 1.23 per cent at 19906.41, and the Nifty ended the day with 72.75 points or 1.22 points gains at 6025.05 points.
The clarity on GAAR and improving macro scenario boosted mood in sectors including banks (up 1.07 per cent), oil & gas (1.58 per cent), tech (2.5 per cent), realty (5 per cent) and metals (+1 per cent). Top gainers on the Sensex were ONGC (up 4.28 per cent), Infosys (3.59 per cent), Jindal Steel (3.34 per cent), TCS (2.14 per cent, and HDFC (1.93 per cent).
In spite of CPI inflation appearing stubborn and rising way above the comfort zone at 10.56 per cent, economists and bankers believed that the Reserve Bank will take notice of the positive December WPI inflation to reduce repo rate by 25 bps in its January 29 policy meet.
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