Sensex gains for eighth straight day
March 31, 2011
The BSE Sensex
moved up for the
eighth straight session today - the longest stretch of upward
march since last April - adding 155 points to close above
19,445 on steady FII inflows and easing inflation amid firm
In a highly volatile trade, the gauge shuttled between
19,575.16 and 19,284.35 as the recent rally led investors to
off-load pending positions on the last day of the month's
settlement in the derivative segment.
The Bombay Stock Exchange benchmark index Sensex gained
155.04 points to close at 19,445.22 in continuation to a gain
of 1,446 points in the last seven sessions -- the longest
stretch of gains since April 15, 2009.
The Sensex jumped 5.2 per cent last week and has rallied
8.8 per cent in March, poised for its biggest monthly advance
Similarly, the broad-based National Stock Exchange index
Nifty rose by 46.10 points to 5,833.75, after touching the
day's high of 5,872.
FIIs bought USD 1.3 billion worth of Indian equities in
March, after selling USD 2.2 billion in January and February.
Brokers said investors bought equities on easing food
inflation, which fell back in the single digit, and hopes of
better fourth quarter earnings to be announced -- starting in
a couple of weeks.
Food inflation fell to 9.5 per cent for week ended March
19, down from 10.05 per cent in the previous week.
Asian trend firmed and Europe opened higher on US jobs
report that increased confidence in the growth of the world?s
IT sector led the rally by adding 1.92 per cent to reach
6,548.10 on hopes that upbeat results and outlook last week
from global tech majors indicated resurgence in tech spending.
The Indian IT sector index has jumped nearly 8 per cent
since results from the two US-based giants.
The second most heaviest on the Sensex - Infosys
Technologies spurted by Rs 66.60 to Rs 3,236.75. Tata
Consultancy Services rose by Rs 31.15 to Rs 1,182.50 and Wipro
by Rs 5.45 to Rs 478.30.
The stocks of FMCG, oil and gas, teck, metal, realty and
power sector also remained in the fore-front of buying.