The BSE benchmark Sensex on Wednesday regained the psychological 17,000 mark after six weeks by ratcheting up 227 points on hectic buying by foreign funds across the counters, stretching the Budget rally to the third day.
The market leader Reliance Industries led the rally, gaining by 3.90 per cent after US media reports said Lyondell Basell had rejected the $ 14.5—billion takeover bid by the domestic petrochem giant for the bankrupt US chemicals major.
The FIIs continued to buy across the board and the demand was so strong that all sectoral indices ended in the green with oil & gas, realty, power,FMCG and banking leading.
Apart from Reliance, JP Associates and Tata Power, NPTC and M&M too aided the market with a 6.14 per cent and 5.08 per cent rally respectively.
The BSE 30-share barometer remained in the green through out the day after opening 120 points up and closed above the psychological 17,000-mark, a level not seen since January 21, netting a gain of 227.45 points or 1.36 per cent at 17,000.01 points after touching the day’s high of 17,012.61. The Sensex surged by 520 points in the past two sessions since theBudget.
The wide-based NSE index Nifty 50 also surged by 71.10 points, or 1.42 per cent at 5,088.10. It touched a high of 5,093.25 points after opening 35.55 points up.
Angel Broking chairman Dinesh Thakkar said, “FIIs are buying heavily since the Budget. The good side of the Budget is still not discounted in the prices. The post—Budget rally will continue for sometime more as FIIs have ample liquidity now. It seems positive side of the Budget is overweighing the current negative global cues.”