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BSE Sensex at fresh 28-month high, up 34 points on capital inflows

Brokers said the market is bullish ever since reports of easing inflation raised hopes that the Reserve Bank of India will go for rate cuts to boost economic growth.

BT Online Bureau   Mumbai     Last Updated: May 16, 2013  | 19:51 IST

The BSE Sensex rose for the third straight session, closing Thursday's trade over 34 points higher and hitting a fresh 28-month high on buying mainly in realty, oil&gas, healthcare and banking stocks, amid strong foreign capital inflows.

Brokers said the market is bullish ever since reports of easing inflation raised hopes that the Reserve Bank of India (RBI) will go for rate cuts to boost economic growth.

The 30-share index of the Bombay Stock Exchange advanced by 34.37 points, or 0.17 per cent to 20,247.33, a level last seen in January 2011. The index had gained 521 points in last two trading sessions.

Similarly, the 50-share National Stock Exchange Nifty rose 23.15 points, or 0.38 per cent, to 6,169.90 led by stocks of banking and interest-linked stocks.

Also, the MCX-SX flagship index SX40 rose by 29.35 points, or 0.25 per cent, to 11,954.49.

Brokers said foreign investors continued buying in domestic stocks on expectations of faster growth. Overseas investors pumped in Rs 1,646.95 crore (around $301 million) into local equities today, according to provisional data on BSE.

In 30-BSE index components, 14 stocks gained led by Hindalco, Cipla, RIL, Dr Reddy's, Sterlite Industries and SBI.

The banking stocks gained 1.11 per cent, led by SBI, ICICI Bank and HDFC Bank. The interest-rate linked realty sector index gained the most by 1.81 per cent to 1,991.75 followed by oil and gas index by 1.64 per cent to 9,053.78.

Among other major gainers on the BSE, shares of Adani Ports surged 6.34 per cent to Rs 161.90, after the company posted 197 per cent increase in consolidated net profit for the fourth quarter ended March 2013.

With inputs from PTI

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