Indian stock markets ended the day on a positive note on Thursday (July 17) due to encouraging global cues and heavy drop in crude prices. Heavy buying was seen across board.

The market made a smart recovery by annihilating all its losses from last four consecutive days. Banking, realty, auto, power, IT, oil stocks were the major contributors.

Midcap and Smallcap index gained 1.32% and 0.99% respectively.

For the week ended July 05, the wholesale price index, inflation, climbed up to 11.91%, as against 11.89% during the previous week fuelled by high prices of all essential commodities.

Finally, the Sensex closed at 13,111.85, up 536.05 points, while the broad-based NSE Nifty closed after making a gain of 130.50 points at 3,947.20.

The stock market experienced 1,536 advancements as against 1,081 declinations.

All sectoral indices at BSE were closed positively, led by led by Bankex (6.06%), Consumer Goods (5.92%), Realty (4.95%), Power (4.20%) and Oil & Gas (3.07%). However Metal dropped 2%.

Stock market analyst Vishwas Agarwal said, “As a result of further drop in crude prices global market is somewhat relieved. Whereas in India, market is in over sold zone due to that some sectors jumped but still confidence motion on nuke deal is pending. So market will remain volatile.”

He also said that there will be high volatility in the stock market because of declaration of corporate quarterly results, confidence motion and credit policy.

Mr. Agarwal suggested investors to buy stock on dips in order to reap higher profits in future.