Led by tech stocks, the benchmark Sensex on Thursday closed above the 34,000-mark even as global markets remained skittish on geopolitical concerns.
The BSE Sensex advanced 161 points to end at 34,101.13, while the broader NSE Nifty rose 41.50 points to 10,458.65. The BSE IT index was the star performer, spurting 3.18 per cent, as a weak rupee boosted the appeal of software exporters. Globally, investor sentiment was tense on concerns of the US and Russia heading for a showdown in Syria.
However, domestic markets brushed off the negative cues on the back of fresh capital inflows by foreign funds and unabated buying by domestic institutional investors (DIIs), while quiet optimism prevailed ahead of the earnings season, brokers said. The Sensex has now gained 1,082 points in six sessions.
Foreign portfolio investors (FPIs) bought shares worth Rs 362.30 crore on net basis, while domestic institutional investors (DIIs) bought equities to the tune of Rs 111.82 crore yesterday, provisional data showed. “The market gained some momentum led by rally in IT stocks ahead of Q4 earnings expectation. Global market is trading in a negative bias due to geopolitical tensions in Middle East. March CPI inflation is due today and is expected to decline further to 4.2 per cent. However, rise in oil price and weakening rupee may cast cloud over the inflation trajectory and market sentiment,” said Vinod Nair, Head of Research, Geojit Financial Services. TCS was the biggest gainer in the Sensex pack, surging 4.04 per cent.