Sensex closes at 3-week high amid capital inflows

The benchmark Bombay Stock Exchange (BSE) index Sensex rose by over 190 points to close at a three-week high of 28,707.75 on Wednesday, extending its winning streak to the fourth consecutive session, mainly led by gains in RIL, Infosys and Coal India amid sustained foreign capital inflows.

“The sentiments were optimistic after a Reserve Bank of India (RBI) survey projected a higher economic growth rate for the country,” said Jayant Manglik, President-retail distribution at Religare Securities.

The Sensex opened higher at 28,601.49 and traded in a wide range of 28,763.06 to 28,566.61 before closing at 28,707.75, showing a gain of 191.16 points (or 0.67 per cent).

It has garnered 750.26 points in the four-day gaining spree.

The 30-share BSE barometer logged its previous closing peak on March 17 when it ended at 28,736.38.

The broader 50-issue National Stock Exchange (NSE) Nifty also rallied by 54.10 points (or 0.62 per cent) to close at a three-week high of 8,714.10. It had last registered a closing high of 8,723.30 on March 17.

“Though Nifty is gradually inching higher with every passing day but lack of participation from the banking space is still a major concern,” Manglik added.

Among the 30 Sensex scrips, Coal India was the highest gainer by climbing 5.73 per cent on reports that the government has lifted the cap on company’s e-auction sales.

Rate-sensitive banking, realty and capital goods shares were also back in the action after some banks cut their lending rates, brokers said.

Foreign portfolio investors (FPIs) bought shares worth Rs 143.98 crore while domestic institutional investors sold shares worth Rs 326.06 crore on Tuesday as per provisional data.

Asian markets ended mixed on Wednesday as key indices in Singapore and Taiwan fell in the range of 0.14 per cent to 0.73 per cent while those in China, Hong Kong, Japan and South Korea rose between 0.60 per cent and 3.80 per cent.

European markets were also trading mixed as indices in France and the UK moved up by 0.16 per cent and 0.52 per cent, respectively, while Germany’s DAX was down by 0.25 per cent.

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