Sensex above 29K, Nifty regains 8,800 mark after SBI good show

Domestic markets rose for the fourth straight session with the benchmark Sensex today closing above 29,000-mark for the first time since February 3 while the Nifty reclaimed 8,800-level as bluechips led by banking rallied after robust SBI earnings.

Besides, expectations of faster reforms and a growth oriented Budget as well as recent data strengthening the case for more monetary easing boosted the sentiment, brokers said.

Global cues were positive after news of a ceasefire in Ukraine and as Greece appeared closer to a possible overhaul of its bailout, they added.

Continuing its surge for the fourth session, the BSE Sensex recaptured the landmark 29,000-level for the first time  since February 3. It hit an intra-day high of 29,154.67 before settling 289.83 points, or 1.01 per cent, higher at 29,094.93 over its previous close.

The gauge has now gone up by 867.54 points in four days.Also, the NSE Nifty continued its winning run and zoomed to regain the 8,800-mark by soaring 93.95 points, or 1.08 per cent to close at 8,805.50. Intra-day, it shuttled between 8,729.65 and 8,822.10.

Buying activity gathered momentum soon after SBI posted better-than-estimated third quarterly earnings.

Stocks of SBI spurted by 7.96 per cent after it reported over 30 per cent jump in net profit for December quarter.

Other Sensex components which supported the key benchmark to reclaim 29,000-mark were M&M, TCS, Coal India, ITC, Maruti Suzuki, Sun Pharma, HDFC, Axis Bank and Bharti Airtel. In the 30-share Sensex, 24 ended with gains and six ended lower.

Sectorwise BSE FMCG index gained the most by rising 1.77 per cent, followed by Healthcare 1.56 percent, Banking 1.32 percent, Auto 1.08 percent and Metal 1 percent among others.

Buying activity in smallcap and midcap shares also gathered momentum, with the BSE Midcap index rising by 0.74 and Smallcap index gaining 0.35 per cent.

Meanwhile, Foreign Portfolio Investors (FPIs) remained the net sellers on the bourses. FPIs sold shares worth a net Rs 406.28 crore yesterday, according to provisional data.