MUMBAI: The domestic equity markets rose for the third consecutive day as the approval of the seventh pay commission recommendations and expectation about additional monetary stimulus in Europe and Japan triggered fresh buying in index heavy weights. After opening the day on a positive note, the Sensex surged ahead gaining 215.84 points to end the day at 26,740.39 while the Nifty closed above its key psychological barrier of 8,200 levels. The Nifty gained 76.15 points to end the day at 8,204.
The implementation of seventh pay commission recommendation is expected to trigger higher demand for goods in automobile, real estate, consumer durables and FMCG sector. The BSE Realty index was the biggest gainer among the sectoral indices, up 3.15 per cent, the BSE consumer durables and auto index gained 1.29 per cent and 1.51 per cent respectively.
“The auto, consumer durables and FMCG sector would see higher demand in coming days,” said Mot-ilal Oswal, chairman of Motilal Oswal Financial Services. While the shares of Hero Motocorp gained 3.95 per cent and was the biggest gainer among the Sensex constituents, the shares of Tata Motors and Maruti rose 1.53 per cent and 1.36 per cent respectively.
