Sensex surges nearly 1,000 pts from day's low, Nifty above 24,250; mid, smallcaps hit one-month high

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Nifty and Sensex extended their gains for a second session on December 2, powered by strong advances in pharma, realty, and auto stocks. However, the broader market stole the spotlight, soaring to a one-month high and boosting sentiment despite ongoing volatility and valuation concerns.Investors brushed aside weaker-than-expected GDP data, which slowed to its lowest in nearly two years during the July-September quarter. In response, India’s 10- and 5-year bond yields dropped to a 30-month low.This week, markets will likely react to RBI's MPC meeting scheduled for December 4. Moneycontrol’s poll of 15 economists, bankers and fund managers has revealed that the Reserve Bank of India (RBI) is expected to keep the policy rate unchanged for the eleventh time in a row due to higher-than-expected inflation numbers.At close, the Nifty was up by 0.6 percent or 142 points at 24,276 while the Sensex climbed 0.58 percent or 445 points at 80,248. On the Bombay Stock Exchange, 2,509 shares advanced, 1,546 stocks declined and 182 were unchanged.Follow our LIVE blog for all the latest market updates"Today's strength can be attributed to the broader market, especially after the surprising extent of the fall in GDP numbers," Aishvarya Dadheech, Founder and Chief Investment Officer at Fident Asset Management said in a conversation with Moneycontrol. "The main concern -- FII selling -- will likely linger till the end of December and we expect it touches Rs 25,000 crore till the new year," he added.The mid-small cap indices outperformed the frontline indices with gains of 1.1 and 1 percent, respectively. Market experts suggest that BSE Small-Cap and Mid-Cap have seen a decent correction in the past two months and could likely see renewed buying interest in the coming weeks. The two are trading 5 and 8 percent off their respective peaks.Also read: Indian companies must take a leadership role in auto sector: Sajjan JindalCement stocks sparkled in trade today and UltraTech Cement was the outlier with gains of almost 4 percent. This comes after Jefferies expressed optimism about a recovery for Indian cement companies in the second half of the fiscal year. Jefferies identified Ultratech Cement as its top pick among large-cap stocks and JK Cement as its mid-cap favourite, citing bottoming-out prices and an improving demand environment as key growth drivers.EMS major Dixon Tech soar...

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