Weekly review: Sensex rebound 417 points, Nifty above 10250

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The benchmark Sensex on Friday pierced through the 33,000-mark amid heavy buying by cash-rich domestic institutions and strong overseas cues.

Sentiment bolstered after opinion polls gave an edge to the ruling BJP in crucial Gujarat elections, with investors vouching on current government fast phased economic reforms with political stability is vital for positivity in markets.

The broader Nifty of the National Stock Exchange (NSE) rose 98.95 points or 0.97% to 10,265.65.

The Sensex started the week higher at 33,968.02 and hovered between 33,285.68 and 32,565.16 before ending the week at 33,250.30, showing a gain of 417.36, or 1.27 percent.

"On the macro front upcoming RBI policy and Gujarat state election will be an influential factor for investors which is steering the market to consolidate", said Vinod Nair, Head of Research, Geojit Financial Services. Provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 675.16 crore while domestic institutional investors bought stocks worth Rs 1,243 crore.

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ITC emerged as the leader of the Sensex pack, with a 3.44% rise, followed by Tata Motors at 2.21%.

Overseas, the Asian markets saw the shares of most of the companies decline, since investors across the globe have an eye on the final tax legislation in the USA, where policy uncertainty kept sentiment in check.

The index finally ended at 32949.21, up 352.03 points, or 1.08 per cent - its biggest single-day gain since November 1, when it had surged 387.14 points. Other gainers were Sun Pharma, HUL, Cipla, ONGC, Maruti Suzuki, HDFC Bank, Bharti Airtel, Axis Bank, ICICI Bank, HDFC Ltd and Tata Steel, gaining up to 2.21 per cent.

Japan's Nikkei was up 1.22% while Hong Kong's Hang Seng rose 0.57% in early trade Friday. European shares too were in the positive zone in their early deals, with Frankfurt's DAX rising 1.29% and Paris CAC 40 up 0.73%.