Business

Sensex surges over 260 points to reclaim 38,000-mark

Extending its winning run to the fifth session, BSE benchmark Sensex rallied 269 points to close above 38,000-mark amid soaring foreign fund inflows, strengthening rupee and positive global cues.After rallying nearly 500 points in afternoon trade, benchmark BSE Sensex settled 269.43 points, or 0.71 per cent, higher at 38,024.32.
The broader NSE Nifty closed 83.60 points, or 0.74 per cent, up at 11,426.85.Kotak Bank was the top gainer in the Sensex pack, ending 4.31 per cent higher.PowerGrid, TCS, ICICI Bank, SBI, HCL Tech, NTPC, Infosys, Bajaj Finance, HDFC duo, ONGC, Vedanta and IndusInd Bank too rose up to 2.84 per cent.On the other hand, HUL, Yes Bank, ITC, Bharti Airtel, RIL, Sun Pharma and Axis Bank fell up to 2.16 per cent.
Sectorally, the BSE power, bankex, teck, oil and gas, IT and finance indices gained the most, rising up to 1.94 per cent; while BSE telecom, FMCG and energy indices fell up to 1.79 per cent.The BSE-30 index gained by around 3.5 per cent in the past week. Rally in the Indian markets was led by strong foreign institutional investors (FII), buying on account of reduction in geopolitical risks and opinion polls suggesting a likely return of the NDA government in the upcoming general elections, said Sanjeev Zarbade, Vice President- PCG Research, Kotak Securities.

On a net basis, FIIs bought shares worth a net of Rs 1,482.99 crore on Thursday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 817.77 crore, provisional data available with the BSE showed.Strengthening gains, the rupee appreciated 5 paise to 69.09 against the US dollar intra-day.Elsewhere in Asia, Hong Kong's Hang Seng rose 0.56 per cent, Korea's Kospi was up 0.95 per cent, Shanghai Composite Index rallied 1.04 per cent, and Japan's Nikkei ended 0.77 per cent higher.Similarly, in the Eurozone, Frankfurt's DAX gained 0.27 per cent. Paris CAC 40 rose 0.44 per cent and London's FTSE was up 0.54 per cent in early deals.Global crude benchmark Brent crude futures rose 0.43 per cent to USD 67.52 per barrel.

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