The Bombay Stock Exchange sensitive index, Sensex, on Tuesday closed above the 19000-level after a gap of two months as it gained 178 points, up for the sixth session in a row on sustained foreign institutional investor (FII) buying, amid further easing of oil prices that reduced fears of inflationary pressure and hike in interest rates.
The Sensex has zoomed about 1281.75 points or 7.18 per cent in the last six trading sessions.
The BSE 30-share barometer opened higher and moved in the positive terrain throughout the day. It touched a high of 19226.21 after mid-session, but sudden bouts of selling at the fag-end pulled it down to close at 19120.80, the level not seen since January 24. It rose 177.66 points or 0.94 per cent. The NSE 50-share Nifty also firmed up by 49.10 points to end above the 5700-mark at 5736.35.
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Buying was seen across segments as all sectoral indices closed with gains of between 0.11 per cent and 1.53 per cent with auto, metal and IT counters taking the lead.
FIIs, the main market movers, are back with a big bang and they have picked up shares worth Rs.3,460.11 crore since March 22.
Marketmen said that further easing of crude oil prices have reduced fears of a sharp rise in inflation and worries that a steep hike in interest rates would be needed to tame prices.
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Oil extended losses in New York after Libyan rebels advanced against Muammar Qadhafi's troops, raising speculation the conflict may be resolved soon.
The crude oil fell 0.8 per cent to $103.18 a barrel. Besides, they said, short-coverings ahead of the expiry of March series of derivatives on coming Thursday too boosted sentiment. Asian stocks ended narrowly mixed with downward influence as key indices like Kospi and Taiwan closed with gains, while Shanghai Composite, Hang Seng, Nikkei and Strait Times finished with losses on concerns over earnings of Japanese companies, post the earthquake and tsunami
Rupee gains
The rupee ended five paise higher against the dollar at 44.78/79 on Tuesday on bullish domestic equities and easing of crude oil prices. The rupee opened better at 44.81/82 against Monday's close of 44.83/84 and touched a low of 44.8250. Later, it rebounded to a high of 44.6650 before falling back to 44.78/79 on late buying of dollar by importers to meet their month-end commitments.