Stocks soar for second day; Sensex above 39,000

Analysts increased earnings estimates for both the indices by as much as 10 per cent to factor in the lower tax burden.

Short-term trend reversal seen in market

Similarly, the Nifty climbed 176.95 points, or 1.63 per cent, to 11032.45.

The 30-share BSE Sensex rose 99.90 points or 0.27 per cent to settle at 37,118.22.

The BSE Sensex was down 86.88 points at 38736.23, while the Nifty50 fell 35.20 points to 11547.70.

Major index gainers were ICICI Bank, Infosys, HCL Technologies, TCS, Vedanta, Coal India, Power Grid, Ultratech Cement and BPCL.

In the Nifty 50 basket of shares 34 ended higher while 16 closed lower.

The market volumes were lower than recent average as buyers stayed away amidst tense times.

Analysts expect 11,250-11,200 to provide a decent support to the Nifty and the possibility of a bounce back cannot be ruled out at these levels.

The broader market fared better with Mid-Cap down 0.96 per cent and Small-Cap down 1.21 per cent.

The m-cap of TCS jumped by Rs 34,822.13 crore to reach Rs 8,39,896.27 crore.