Sensex hits 20K mark,closes lower

From a recent low of 19,575.64 on May 3,the Sensex has gained 414 points or 2.11 per cent in three trading sessions. The Sensex has gained 486 points or 2.49 per cent in this month so far. Hopes for continued foreign inflows also lifted index heavyweights such as cigarette maker ITC Ltd.

According to dealers,although foreign portfolio investors have so far bought 12.34 billion of Indian stocks in 2013,the outlook still remains robust amid global shares rising to new five-year highs.

Foreign funds bought a net 802 million of Indian equities last week,the most since the period ended February 8,the data show. Equity market extended gains yet again despite ongoing political mayhem. The Nifty was seen retaining the 6,000 mark and we expect the momentum to continue further, said Amar Ambani,Head of Research,IIFL.

Meanwhile,the rupee did not gain much even as a late spurt led the BSE index to a new three-month closing high. The rupee closed at 54.16/17 per dollar,little changed from 54.1350/1450 on Tuesday,after moving in a thin range of 54.04 to 54.19 during the session.