Stock market rose today with the benchmark Sensex closing with a 70-point gain after touching its highest level in a year, helped by heavyweight Reliance Industries and expectations of robust industrial growth.
The Bombay Stock Exchange’s 30-share index settled at 17,167.96 points, up 69.63 points or 0.41 per cent. In the intra-day trade, it rose to as high as 17,215.07, a new 52-week peak, but pared some of the gains on profit booking in blue-chips like HUL, RCOM, Tata Power, Hindalco and ACC.
The National Stock Exchange’s 50-share Nifty index closed 0.34 per cent or 17 points higher at 5,133.40 points.
“Though the market touched the year high level but there was no support at the higher levels as volume was sluggish. The market was up on the expectation of better IIP figures scheduled tomorrow, but fell from the highs on the lack of volume support from the buyers,” CNI Research CMD Kishore P. Ostwal said.
Since the Union Budget on February 26, foreign funds have put in nearly USD 2 billion in the Indian stocks helping the key benchmark index rally over 900 points.
Market is trading in a narrow range, with positive bias to close with marginal gains. Market chart suggests no clear direction of the trend, domestic brokerage firm Angel Broking said in its research note.
RIL, which has the highest weight in Sensex, rose for the second consecutive day. The scrip closed higher by 0.84 per cent at Rs 1,016.55 on the BSE.
