Sensex up 311 points on FIIs buying

The Bombay Stock Exchange benchmark Sensex on Monday moved closer to the psychological 20,000-points level by adding 311 points on sustained capital inflows.

The 30-share barometer closed 311.35 points higher, at 19,906.10, the highest close since January 2008. The index had risen 4.2 per cent in the previous week.

Similarly, the broad-based National Stock Exchange index Nifty spurted 95.50 points, to 5,980.45 points, as the index in futures and options segment crossed the 6,000-level, suggesting more strength in the market.

The upsurge was backed by reports that the gross domestic product expanded at a faster pace of 8.8 per cent last quarter from a year earlier, brokers said.

The foreign funds pumped in a net Rs 1,140 crore by purchasing Indian stocks on September 16, taking total investments in equities this year to Rs 71,820 crore.

A better trend in the Asian region and higher opening in Europe this afternoon further boosted the trading sentiment.

The energy giant and the heaviest on the index, Reliance Industries, shot up Rs 12.95 to Rs 1,039.70, while second-heaviest Infosys Technologies rose Rs 31.80 to Rs 3,005.90. The two stocks carry nearly 23 per cent weightage on the Sensex.

Private lender ICICI Bank rose Rs 12.80 to Rs 1,128.40 and state-run major State Bank of India was up Rs 13.55 to Rs 3,107.55.

Among the 30-BSE index components, 25 stocks closed with gains while five ended in the negative zone.

Major supporter to the market were shares in fast moving consumer goods, realty, capital goods, metal and refinery sectors.

As the buying activity spilled over a wide-front, small-cap stock index rose 0.79 per cent to 10,319.56 and mid-cap index was up 0.60 per cent to 8,153.14.