Sensex up 155 pts at close on FII inflows and easing inflation
The BSE Sensex moved up for the eighth straight session today - the longest stretch of upward march since last April - adding 155 points to close above 19,445 on steady FII inflows and easing inflation amid firm global trends.business Updated: Mar 31, 2011 17:03 IST
The BSE Sensex moved up for the eighth straight session on Wednesday- the longest stretch of upward march since last April - adding 155 points to close above 19,445 on steady FII inflows and easing inflation amid firm global trends.
In a highly volatile trade, the gauge shuttled between 19,575.16 and 19,284.35 as the recent rally led investors to off-load pending positions on the last day of the month's settlement in the derivative segment.
The Bombay Stock Exchange benchmark index Sensex gained 155.04 points to close at 19,445.22 in continuation to a gain of 1,446 points in the last seven sessions -- the longest stretch of gains since April 15, 2009.
The Sensex jumped 5.2 % last week and has rallied 8.8 % in March, poised for its biggest monthly advance since September.
Similarly, the broad-based National Stock Exchange index Nifty rose by 46.10 points to 5,833.75, after touching the day's high of 5,872.
FIIs bought $ 1.3 billion worth of Indian equities in March, after selling $ 2.2 billion in January and February.
Brokers said investors bought equities on easing food inflation, which fell back in the single digit, and hopes of better fourth quarter earnings to be announced -- starting in a couple of weeks.
Food inflation fell to 9.5 % for week ended March 19, down from 10.05 % in the previous week.
Asian trend firmed and Europe opened higher on US jobs report that increased confidence in the growth of the world’s largest economy.
IT sector led the rally by adding 1.92 % to reach 6,548.10 on hopes that upbeat results and outlook last week from global tech majors indicated resurgence in tech spending.
The Indian IT sector index has jumped nearly 8 % since results from the two US-based giants.
The second most heaviest on the Sensex - Infosys Technologies spurted by Rs 66.60 to Rs 3,236.75. Tata Consultancy Services rose by Rs 31.15 to Rs 1,182.50 and Wipro by Rs 5.45 to Rs 478.30.
The stocks of FMCG, oil and gas, teck, metal, realty and power sector also remained in the fore-front of buying.