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BW Businessworld

Sensex Rises As FIIs Resume Buying; Mkt At 1-month High

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The benchmark BSE Sensex on Wednesday (20 May) jumped by 192 points to its highest in near one-month at 27,837.21 as blue-chip stocks HDFC, Wipro and TCS advanced on prevailing rate cut expectations and ease in foreign investors' selling.

Buying was visible in IT, teck, banking and power shares.

Foreign Portfolio Investors (FPIs) bought shares worth Rs 48.06 crore in Tuesday's (19 May) trade as per provisional data.

"As the market is edging higher on rate cut expectations and easing in FII selling, today the trend was positive with limited volatility. Domestic Institutional Investors (DIIs) have also been actively buying," said Vinod Nair, Head of Fundamental Research at Geojit BNP Paribas Financial Services.

Sensex counters like HDFC, HDFC Bank, TCS, Infosys, RIL, ICICI Bank, SBI, Sun Pharma, Wipro, HUL and Tata Power closed with sharp to marginal gains and mainly supported the index's recovery.

The gauge had lost 41.77 points in Tuesday's highly volatile session.

The 30-share BSE index commenced the day higher at 27,749.30 and further advanced to touch the day's high of 27,903.01. However, profit-booking at higher levels in some counters, trimmed some gains.

It finally settled higher by 191.68 points or 0.69 per cent at 27,837.21, a level last seen on April 22.

The broad-based 50-issue Nifty recaptured the 8,400-level by closing 57.60 points or 0.69 per cent higher at 8,423.25.

It shuttled between 8,440.35 and 8,391.45 during the session.

"Even as rate cut hopes push Indian equities higher, such attempts continue to face resistance from concerns that the extent of southwest monsoon rains would be normal and would be influenced by El Nino phenomenon," said Anand James, Co Head Technical Research Desk of Geojit BNP Paribas.

Globally, Asian markets closed side-ways due to mixed closing on the Wall Street on Tuesday. Key indices from China, Japan and South Korea settled higher, while from Hong Kong, Singapore and Taiwan finished lower.

European markets, however, were trading weak after a Greek official said the country may not make an upcoming repayment to the International Monetary Fund (IMF).

(PTI)


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