Sensex up 155 pts on FII inflows and easing inflation

Sensex up 155 pts on FII inflows and easing inflation

Sensex had registered its previous 8-day gaining streak in mid-April 2009, when it had risen 1,716.59 points or 17.94 per cent. In the last eight sessions of the current winning rally, it has spurted by 1,606.17 points or 9 per cent.

The Bombay Stock Exchange 30-share barometer resumed trade higher touched 19,575.16, but sudden selling pulled it down to a low of 19,284.35. Finally, it ended the day at 19,445.22, a net gain of 155.04 points or 0.80 per cent.

The NSE 50-issue Nifty also improved further by 46.10 points or 0.80 per cent to close above 5,800-mark at 5,833.75.

The main market driver, FIIs, picked up shares worth Rs 739.61 crore yesterday as per the provisional data, after pumping in Rs 4,552.20 crore in six sessions since March 22.

Buoyed by hectic buying by foreign funds, operators covered their short positions on the last day of the derivatives contract today, which also supported the rise.

IT stocks were at the forefront of the recent upbeat US economic data, while FMCG, refinery and telecom counters attracted good buying support.

Smart rally in heavyweights like RIL, Infosys Tech, ITC, TCS, ONGC and HUL contributed nearly 150 points to the Sensex.

The country's largest software services exporter TCS shot up 2.71 per cent, while Infosys Tech gained 2.10 per cent and Wipro, 1.15 per cent.

The top heavyweight, petro-chem giant RIL, rose 1.44 per cent and the state-run ONGC by 2.76 per cent.

FMCG giants, HUL and ITC flared up 2.50 per cent and 2.11 per cent respectively.
However, the biggest bank, SBI, dipped 3.19 per cent on profit-booking after recent gains.

Meanwhile, food inflation fell to 9.5 per cent for the week ended March 19, from 10.05 per cent in the previous week.

Most of the Asian markets closed with marginal gains. Barring China, key indices from Hong Kong, Japan, Singapore, South Korea and Taiwan finished in the green on strong US jobs data and good earnings by some Chinese companies.

European stocks, however, were trading narrowly mixed in afternoon deals. DAX was up 0.06 per cent and FTSE by 0.11 per cent, while CAC was down 0.29 per cent.

Other index-based gainers were Bajaj Auto (2.90 pc), Hero Honda (2.23 pc), NTPC (2.14 pc), REL Infra (1.66 pc), DLF (1.58 pc), Hindalco (1.58 pc) and Jindal Steel (1.43 pc).

The total market breadth was mixed as 1,444 stocks gained ground against 1,412 that closed with losses on the BSE. The total turnover was up at Rs 3,226.86 crore from Rs 3,105.13 crore yesterday.

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