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Sensex, Nifty surge to 9-week high on FII buying

Wednesday, March 30, 2011
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Mumbai: The BSE benchmark Sensex and 50-unit S&P CNX Nifty struck a 9-week today on the back of a revival in foreign equity inflows and higher Asian cues. The BSE benchmark Sensex shot up further by 206.24 points, or 1.08 per cent, from its last close to 19,327.04 at 1015 hours today. The NSE 50-share Nifty also moved up by 58.50 points, or 1.02 per cent, to 5,794.85 at 1015 hours. Foreign institutional investors (FIIs) bought shares worth Rs 1,291.54 crore yesterday. FII inflows in the six trading sessions from March 22 to March 29 totaled Rs 4,483.95 crore, as per data from the stock exchanges. Cooling of oil prices from a recent two-and-a-half-year high has helped to ease inflation worries, aiding the rally in equities. All the 30 members from the Sensex pack logged gains. From the Sensex pack, DLF (up 1.44 per cent), TCS (up 1.22 per cent), and Hero Honda Motors (up 1.14 per cent) were the major gainers. Volatility may remain high on the bourses in the near term ahead of the expiry of derivative contracts for the near-month March, 2011, series tomorrow. Meanwhile, Asian stocks rose in early trade as Japanese companies resumed production on speculation about the improving economic recovery in the U.S. The key benchmark indices in Hong Kong, Taiwan, South Korea Singapore, Japan and Indonesia were up by between 0.64 percent to 1.37 percent. U.S. markets closed higher yesterday on gains in telecom and energy companies. The Dow Jones Industrial Average finished with a gain of 81.13 points and the Nasdaq Composite gained 26.21 points. The Sensex rose for the seventh straight day in opening trade on the Bombay Stock Exchange (BSE) today, adding nearly 153 points on continued buying by funds amid a firming trend in Asian markets and easing crude oil prices. The 30-share index of the Bombay Stock Exchange, which has gained nearly 1,277 points in the previous six sessions, rose further by 152.80 points, or 0.79 percent, to 19,273.60. All the sectoral indices were trading in the positive zone, registering gains of up to 1.11 percent. Similarly, the broad-based National Stock Exchange Nifty index also moved up by 43.60 points, or 0.76 percent, to 5,779.95. Brokers said the trading sentiment remained buoyant on the back of a firming trend on other Asian bourses following overnight gains in the U.S. market and easing of oil prices, reducing fears of inflationary pressure and a hike in interest rates. Covering-up of pending short positions by speculators ahead of tomorrow's monthly expiry in the derivatives segment on the NSE also supported the rise in stock prices, they said. Meanwhile, Japan's Nikkei index rose by 1.78 percent and Hong Kong's Hang Seng gained 1.55 percent in early trade today. In the U.S., the Dow Jones Industrial Average ended 0.67 percent higher yesterday.
Source: PTI
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