Sensex Rises For Seventh Straight Day, Nifty Settles Above 11,500

The S&P BSE Sensex rose 0.7 per cent or 268 points to close at 38,363 and the NSE Nifty 50 Index climbed 0.61 per cent or 70 points to shut shop at 11,532.
In the intraday deals, the S&P BSE Sensex and NSE Nifty 50 indexes opened on a flat note and traded in narrow range. However, gains in FMCG and IT shares in afternoon deals pulled the benchmarks higher.
Fifteen of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Telecom Index's 1.5 per cent gain. Energy, FMCG, Utilities, Oil & Gas, Power and IT Indexes also rose over 1 per cent each.
On the flipside, auto and capital goods shares declined as the respective sector gauges fell 0.6 per cent each on the BSE
International brokerage Goldman Sachs (GS) upgraded its view on India to "overweight" as the country catches up with pre-election rally amid expectations of another majority win for the ruling Bharatiya Janata Party. Goldman Sachs expects India's NSE index to reach 12,500 level in the next 12 months, up from its previous target of 11,700.
Mid- and small-cap shares also witnessed buying interest as the S&P BSE MidCap Index rose 0.52 per cent and the S&P BSE SmallCap Index advanced 0.37 per cent.
HCL Technologies was top gainer from the Nifty 50 basket of shares. The stock rose 2.84 per cent to close at Rs 1,040. Bharti Infratel, Infosys, Reliance Industries, ITC, Bharti Airtel and NTPC were also among the losers.
On the flipside, Eicher Motors, JSW Steel, Hero MotoCorp, Larsen & Toubro and Maruti Suzuki were aong the losers.
Shares of the Anil Ambani-promoted companies like Reliance Communications, Reliance Power, Reliance Infrastructure, Reliance Capital and Reliance Naval surged after Anil Ambani avoided jail by paying back Swedish telecom giant Ericsson a day before a Supreme Court deadline. The industrialist profusely thanked elder brother and India's richest man Mukesh Ambani for his "timely support".
Jet Airways fell 3.35 per cent to close at Rs 229 after government called for an emergency meeting as its number of grounded planes rose to 41.