BSE Sensex closes 94 pts higher; IT, refinery stocks in demand

In a volatile trade, the BSE Sensex pared its early gains, still ending higher for the third consecutive day by 94 points, mainly due to buying in information technology, consumer durables and refinery sectors.

This despite selling in view of poor response to the Spanish government bond auction.

The Spanish government raised euro 2.98 billion from a bond auction which was below its target of raising up to euro 3 billion from the auction.

Maruti Suzuki India lost 8.74 per cent after the company stopped production at its Manesar, Haryana factory on Wednesday after labour unrest resulted in the death of one person and at least 40 people being injured.

The BSE benchmark resumed higher at 17,288.34 and shot up further to 17,318.93 on susdained buying on the back of higher global cues coupled with persistent capital inflows from foreign funds.

However, it declined afterwards to 17,244.76 before concluding the day 17,278.85, showing a net gain of 93.84 pts or 0.55 per cent.

The NSE 50-share Nifty also moved up by 26.40 points or 0.51 per cent to 5,242.70.

Foreign institutional investors (FIIs) bought shares worth a net Rs 276.40 crore on Wednesday as per provisional data released by the stock exchanges.

Asian stocks ended higher after strong US housing data overnight and after broadly reassuring comments from Federal Reserve Chairman Ben Bernanke on the US economy in his second day of testimony to Congress.