Sensex gains 70 pts in volatile trade

Sensex gains 70 pts in volatile trade

Mumbai: The Bombay Stock Exchange benchmark Sensex rose for the second day today gaining 70 points on selective buying in heavyweights like Reliance Industries and Infosys by funds amid easing inflation worries.

The 30-share index closed up by 69.63 points at 17,167.96 points. It touched the day’s high of 17,215.07 points.

After a weak start, the market rebounded to move in the positive zone after the government data released today showed a moderate fall in food inflation, marketmen said.

Food inflation slips to 17.81% for the week ended February 27 from 17.87 in the previous week.

The heaviest on the Sensex, Reliance Industries, gained 0.84% to close at Rs1,016.55, while the second heaviest Infosys rose by 0.92% to Rs2,684.35, helping the barometer extend gains for the second day. Both the stocks carry nearly 23% weightage on the index.

The wide-based National Stock Exchange index Nifty closed higher by 17.15 points at 5,133.40 points.

Market was partially influenced by firming trends in the Asian stock markets and a recovery in European markets, dealers said, adding that foreign institutional investors were active buyers in Indian stocks.

Overseas investors bought a net Rs1,770 crore of Indian stocks on 9 March, taking their total purchases in the equities this year to Rs10,960 crore.