Sensex touches 20,000 for the first time in over 3 months
The current upsurge was supported by stocks of FMCG, oil and gas and banking sectors, besides a rally in HDFC Ltd and Lupin Ltd on better earnings.
Mumbai: The Bombay Stock Exchange BSE benchmark Sensex on Wednesday regained 20,000 level for the first time in over three months on sustained capital inflows and better earnings, but slipped to close a tad lower. After hitting 20,000 level, the Sensex closed 101.23 points, or 0.51 per cent, at 19,990.18, a level last seen on January 31. It had gained 313 points in last two sessions.
The current upsurge was supported by stocks of FMCG, oil and gas and banking sectors, besides a rally in HDFC Ltd and Lupin Ltd on better earnings. The broad-based National Stock Exchange index Nifty rose by 25.75 points, or 0.43 per cent, to 6,069.30. MCX Stock Exchange (MCX-SX) flagship index SX40 rose 65.53 points, 0.56 per cent, to close at 11,796.74 points on Wednesday.
Brokers said the market remained in bullish mode ever since the Reserve Bank of India (RBI) cut key interest rate to bolster economic growth last week and heavy foreign funds inflows. Foreign funds bought a net $171 million of Indian shares in the previous session, extending their net investment in 2013 to $12 billion, a record for the period. They said a firming global trend as China's exports topped estimates and European central bank cutting interest rates to revive economy, further fuelled the uptrend.
In 30-BSE index components, 14 stocks gained led by HDFC Ltd, HDFC Bank, ITC Ltd, Reliance Industries and Infosys, Tata Consultancy Services. The FMCG sector index gained the most by 1.43 per cent to 6,752.61 followed by oil and gas index by 0.11 per cent to 8,850.12. Banking index rose by 0.11 per cent to 14,453.21 and healthcare index by 0.08 per cent to 8,882.43.