Sensex scales to 33-month high on FIIs inflow
The Bombay Stock Exchange benchmark Sensex on Wednesday scaled to a fresh high level in a 33-month on strong foreign fund's inflow on optimism of encouraging quarter earnings by corporates.business Updated: Oct 06, 2010 16:57 IST
The Bombay Stock Exchange (BSE) benchmark Sensex on Wednesday scaled to a fresh high level in a 33-month on strong foreign fund's inflow on optimism of encouraging quarter earnings by corporates.
The Sensex shot up by 135.37 points to close at 20,543.08, a level never seen since January 2008, as foreign funds bought more equities than they sold for the 24 straight session.The benchmark touched the day's high of 20,669.95.
The second broad-based National Stock Exchange (NSE) index-Nifty shot up by 40.65 points to end at 6,186.45, after touching 6,223.40 at the outset.
In 30-BSE index components, 20 stocks ended with gains and ten declined on profit-booking.
While the two heaviest with their 23 per cent weightage on the Sensex - Reliance Industries and Infosys Technologies - spurted on investment buying. The most battered realty sector stocks regained strength after a Morgan Stanley, backed Oberoi Realty began selling shares in an initial public offering.
The index-heaviest Reliance Industries spurted by Rs 21.35 to Rs 1,044.60 and the software exporter Infosys Technologies by Rs 17.65 to Rs 3,101.70.
The realty sector index gained the most by adding 2.75 per cent to 4,015.82 as Jaiprakash Associates, a builder of dams, roads and bridges rose by Rs 8.65 to Rs 137.95 and DLF Ltd by Rs 2.80 to Rs 392.75.
The realty sector also boosted on reports that the Department of Economic Affairs seeking to allow borrowers to raise funds annually in global markets for financing projects.
Trading sentiment further bolstered on reports of a firming trend in Asian region and higher opening in Europe on Wednesday afternoon, after US Federal planning to take more measures to boost the economic growth.