FIIs continue to show optimism

The BSE benchmark index Sensex rose for the fourth day on Wednesday ending 134.52 points higher at 20,986.99 on buying in bluechips led by GAIL, ITC and Infosys.

Buying by investors to cover their pending positions on settlement in the derivatives segment helped the barometer touch 21,000 level in day trade after a gap of over one month.

The index gained 316 points in the previous three sessions.

The broad-based National Stock Exchange index Nifty rose by 38.75 poins, or 0.62 per cent, to 6,238.80 led by FMCG and capital goods stocks.

“FIIs continued to show optimism in the Indian stock market, and were net buyers, particularly since last two weeks, and this also boosted market sentiment,” said Rakesh Goyal, Senior Vice President, Bonanza Portfolio Limited.

Brokers said the market remained in bullish mood ever since the government pledged to narrow down fiscal deficit and tax cuts in the interim budget last week.

Among Sensex stocks, Gail was the biggest gainer rising by 2.97 per cent. FMCG major ITC jumped 2.07 per cent, HDFC by about 1 per cent and Mahindra & Mahindra by 2 per cent. Wipro touched its 52-week high before closing up by 1.38 per cent.

On the other hand, Sesa Sterlite and Tata Steel were among the biggest losers with losses of up to 3.23 per cent.

In 30-BSE index components, 22 stocks gained.

The FMCG sector index gained the most by rising 0.99 per cent to 6,505.67 followed by capital goods by 0.94 per cent to 10,254.45. Auto sector index rose by 0.86 per cent to 12,427.90 and healthcare index by 0.82 per cent to 10,599.49.

The market will remained close tomorrow on account of ’Mahashivratri’

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