BUSINESS

Sensex up 253 points on brisk buying

Positive global cues provide boost to market sentiment

MUMBAI: Surging for the second day in a row, the Bombay Stock Exchange benchmark Sensex closed higher by more than 250 points on Wednesday on brisk buying in blue-chip stocks, especially Reliance Industries and ICICI Bank, amid optimism of interest rate cuts by banks.

The BSE barometer opened firm and remained in the positive terrain throughout the day before finishing at 9257.47, a rise of 253.39 points or 2.81 per cent over the previous close. The Sensex had posted a gain of 330 points on Tuesday.

Similarly, the broad-based Nifty of the NSE also flared up by another 78.15 points to 2849.50.

According to brokers, investors as well as traders were believed to be engaged in covering short positions ahead of expiry of January contract of futures and options segment on Thursday. They said that the market sentiment was also boosted by positive global cues. Asian indices closed higher; Nikkei ended up by 0.56 per cent, Strait Times 4.43 per cent and Kospi 5.91 per cent.

European markets were trading firm with FTSE up by 1.51 per cent early this morning. As per reports, the rollover positions to next series are lower indicating weakness in the market. Rollover positions for Nifty the next series was 47 per cent while market wide rollover of positions stood at 44 per cent as on January 27.

Marginal rise in rupee

The rupee closed marginally higher at 48.93 a dollar on Wednesday against 48.95 on Tuesday as demand for dollars from importers to meet month-end bills offset a gain in the domestic market for the second day, which had eased concerns over capital outflows.

The rupee moved in a range of 48.78 and 48.96 in intra-day. — PTI

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