Domestic markets rose for the fourth straight session with the
benchmark Sensex today closing above 29,000-mark for the first time since
February 3 while the Nifty reclaimed 8,800-level as bluechips led by banking
rallied after robust SBI earnings. Besides, expectations of faster reforms and
a growth oriented Budget as well as recent data strengthening the case for more
monetary easing boosted the sentiment, brokers said. Global cues were positive
after news of a ceasefire in Ukraine and as Greece appeared closer to a
possible overhaul of its bailout, they added. Continuing its surge for the
fourth session, the BSE Sensex recaptured the landmark 29,000-level for the
first time since February 3. It hit an intra-day high of 29,154.67 before
settling 289.83 points, or 1.01 per cent, higher at 29,094.93 over its previous
close.
The gauge has now gone up by 867.54 points in four days. Also, the NSE
Nifty continued its winning run and zoomed to regain the 8,800-mark by
soaring 93.95 points, or 1.08 per cent to close at 8,805.50. Intra-day, it
shuttled between 8,729.65 and 8,822.10.Buying activity gathered momentum soon
after SBI posted better-than-estimated third quarterly earnings. Stocks of SBI
spurted by 7.96 per cent after it reported over 30 per cent jump in net profit
for December quarter. Other Sensex components which supported the key benchmark
to reclaim 29,000-mark were M&M, TCS, Coal India, ITC, Maruti Suzuki, Sun
Pharma, HDFC, Axis Bank and Bharti Airtel. In the 30-share Sensex, 24 ended
with gains and six ended lower. Sectorwise BSE FMCG index gained the most by
rising 1.77 per cent, followed by Healthcare 1.56 percent, Banking 1.32
percent, Auto 1.08 percent and Metal 1 percent among others. Buying activity in
smallcap and midcap shares also gathered momentum, with the BSE Midcap index
rising by 0.74 and Smallcap index gaining 0.35 per cent. Meanwhile, Foreign
Portfolio Investors (FPIs) remained the net sellers on the bourses. FPIs sold
shares worth a net Rs 406.28 crore yesterday, according to provisional data.
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