The Bombay Stock Exchange benchmark Sensex gained 80 points today, up for the fourth session in a row to reach a three-week high of 18,492.45, on continuing FII inflows amid a positive trend in the global markets.
Besides, brokers said, short-coverings ahead of the settlement of this month’s derivatives contract on Thursday pushed up the market.
Foreign Institutional Investors (FIIs) — key players behind the ongoing rally, have bought shares worth nearly Rs 2,953 crore in three sessions since June 23, analysts said.
The Bombay Stock Exchange 30-share barometer touched a high of 18,527.45 soon after the opening trade, but dropped to a low of 18,323.44. Later, it moved in a narrow range to settle at 18,492.45, up 80.04 points or 0.43 per cent. It had gained 862 points in the last three sessions.
The NSE 50-share index Nifty also improved by 18.70 points or 0.34 per cent settle at a three-week high of 5,545.30.
HDFC, Hindalco, L&T, BHEL, Bajaj Auto, Bharti Airtel, ICICI Bank and SBI supported the rally.
“FII inflows have partly powered this rally, while the Government’s move to hike fuel prices has been greeted with cheer. Globally too, things haven’t really got worse, with Greece, in all probability looking like averting a default,” said Amar Ambani, Head of Research, IIFL.
Asian and European stocks ended mixed, with upward bias.