Sensex rises 71 points to end at 38,095 (file photo)
Extending its winning streak to the sixth consecutive session, the BSE Sensex gained over 70 points Monday as stocks made further headway powered by unabated foreign fund inflows and narrowing country’s trade deficit amid positive global cues.
The 30-share benchmark advanced to hit a high of 38,369.59 as buying activity gathered momentum. However, investors locked in gains pushing the key index into the negative zone to hit a low of 37,952.10 before bouncing back to end 70.75 points, or 0.19 per cent, higher at 38,095.07. Likewise, the 50-stock NSE Nifty finished 35.35 points, or 0.31 per cent, higher at 11,462.20 after hitting the day’s high of 11,530.15 and a low of 11,412.50.
Barring auto and healthcare, all the sectoral indices on BSE, led by oil and gas, PSU, realty, power, bankex, IT and FMCG, were trading in the green. According to experts, narrowing trade deficit and sustained foreign fund inflows buoyed investor sentiment.
Also Read | RBI not in favour of changing IDBI Bank's name
The marginal 2.44 per cent increase in exports as well as lower imports of gold and petroleum products in February significantly narrowed the country's trade deficit to USD 9.6 billion, data released by the commerce ministry Friday showed. India's merchandise exports rose to USD 26.67 billion in February from USD 26.03 per cent in the year-ago month mainly on account of higher shipments in sectors such as pharmaceutical, engineering and electronics.
On a net basis, foreign institutional investors (FIIs) bought shares worth a net of Rs 4,323.49 crore on Thursday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 2,130.36 crore, provisional data available with BSE showed.
Investor sentiment remained upbeat on narrowing trade deficit and sustained foreign fund inflows buoyed investor sentiment, according to market experts.
Japan's Nikkei was up 0.67 per cent, Shanghai Composite Index gained 1.27 per cent and Hong Kong's Hang Seng was up 0.74 per cent in their late morning deals. On Wall Street, the US Dow Jones Industrial Average ended 0.54 per cent higher in Friday's trade.
(With inputs from PTI)