Sensex surges 192 points on FII buying

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Mumbai: Indian equity shares closed at their highest level in nearly one month on Wednesday as blue-chips advanced on resumption of buying by foreign investors, while forecast of a timely monsoon continued to raise hopes that the central bank would lower interest rates in June.

The 30-share BSE index Sensex surged 191.68 points or 0.69 per cent to end at 27,837.21 and the 50-share NSE index Nifty rose 57.60 points or 0.69 per cent at 8,423.25.

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Barring metal, auto and capital goods, all other BSE sectoral indices ended in the green. Among them, IT index was the star-performer and was up 1.78 per cent, followed by TECk 1.51 per cent, banking 0.86 per cent and infrastructure 0.75 per cent. On the other hand, metal index was down 0.77 per cent, followed by auto 0.54 per cent and capital goods 0.29 per cent.

“Rupee and crude have stabilised and hence their is some comfort from FIIs,” said Aneesh Srivastava, chief investment officer at IDBI Federal Life Insurance.

European shares edged up slightly on Wednesday after rebounding strongly in the previous session, with the telecoms sector getting a big lift from deal-making and takeover talk.

Asian shares slipped on Wednesday after a mixed day on Wall Street, though Japan’s better-than-expected economic growth lifted the Nikkei to a nearly one-month high.

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