Sensex jumps to over 30-mth high on RBI reforms
Rising for the fifth straight day,the BSE benchmark Sensex on Tuesday closed at over 30-month highs gaining 143 points on earnings-related buying in consumer durables, FMCG and banking shares, amid firm global cues.
The Sensex, which gained 308 points in past four sessions, advanced by 143.01 points, or 0.71% to 20,302.13, a level last seen January 5, 2011. 21 stocks gained in the 30-share bluechip index.
Investors today became richer by Rs 40,000 crore with market capitalisation standing at Rs 66.32 lakh crore as around 1,150 stocks gained on the BSE on good buying.
The broad-based National Stock Exchange index Nifty rose by 46 points, or 0.76% to 6,077.80.
The move by RBI on Monday to curb gold imports to slash record current account deficit (CAD) was one of the reasons that helped boost sentiments in markets, brokers said.
A shift in funds into domestic stocks from bullion and forex markets was also seen supporting the market, they added.
Gains in ITC, Infosys, RIL, ICICI Bank and HDFC Bank helped Sensex stay in positive zone throughout the session.
Sectorally, the BSE consumer durable sector index gained the most - 3.85% - to 6,570.53, followed by BSE FMCG index by 1.53% to 7,548.43, BSE Realty by 1.42% to 1448.57 and BSE Bankex by 1.29% to 163.47.
Globally, Asian shares were firm and Europe opened higher after unexpected drop in existing home sales in June in the US renewed hopes that the Federal Reserve will maintain its monetary stimulus for a little longer, experts said.