KARACHI -  Stocks staged recovery from yesterdays fall based on lucrative valuation, the benchmark shares index rallied 374 points or (0.76%) to close at 49,587 level.

Market opened on a weak note as lackluster activity was witnessed in the market during the initial hours of the trade. Later on, buying spree was observed in the market as investor confidence grew seeing no major selling pressure in the market, brokers said.

Banking sector led the gain in the market, as it gained to close (0.5%) higher than its previous day close. UBL (rose 2.42%), MCB (1.10%) and HBL (0.88%) were major index movers from the aforementioned sector, contributed 106 points to the gain in index, dealers said. Investor interest was seen in the automobile sector as it close (2.21%) higher, where MTL (5%) and HCAR (3.56%) were amongst the major movers of the sector. DGKC (slip 0.96%) and MLCF (0.26%) in the cement sector lost value to close in the red zone, as both the companies declared their 1HFY17 result. In their result announcement DGKC and MLCF posted EPS of Rs10.28/share and Rs5.11/share respectively. MLCF also announced an interim dividend of Rs2/share with its 1HFY17 result announcement. OGDC (up 1.59%) and PPL (0.45%) gained to close in the green zone, as crude oil prices surged to trade above $53/bbl comfortably during the course of the trading activity, said analyst at JS Global.

Late session pressure witnessed amid surging trade deficit data and rumors on regulatory measures over Margin Trading. Reports of surging fertilisers and cement sales played a catalyst role in higher close, said analyst Ahsan Mehanti. Overall, volumes increased by 37 percent to 263 million shares, while value declined by 18.4 percent to Rs14.2 billion/$136 million.