BSE Sensex and Nifty were higher on Friday, boosted by the passage of the insurance Bill and better-than-expected industrial output data. Higher global markets also lifted the sentiment.
At its day's high Sensex rose over 250 points to 29,183 while Nifty hit 8849. But markets pared gains in recent trade with Sensex up nearly 100 points while Nifty edging up by 25 points.
TS Harihar, Chief Executive and Founder of HRBV Client Solutions Private, said that 9000 levels continue to be a stiff upper resistance for the Nifty in the wake of speculations of earlier-than-expected rate hike from US Federal Reserve.
Imtiyaz Qureshi, Co-Founder & Director of Investeria Financial Services, said if Nifty manages to close decisively above 8,850, the next level to watch to 9070.
Shares in insurance companies surged on Friday after Parliament passed a bill proposing to increase overseas investment limit in the sector.
Max India gained 4.8 per cent, Reliance Capital added 3.9 per cent while Bajaj Finserv rose 4 per cent.
Lawmakers in the Rajya Sabha agreed to increase the foreign investment limit in insurers firms to 49 percent from 26 percent after the opposition Congress party supported the bill that was cleared by the Lok Sabha last week.
Data released after market hours showed that factory output grew a better-than-expected 2.6 per cent in January.
Among Nifty stocks, banking stocks were in limelight with experts saying that some of the lenders could sell stake in their insurance units.
ICICI Bank and HDFC were up nearly 2 per cent while SBI rose nearly 0.7 per cent.
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