Sensex ends up by 63.58 points

[sajiv]

Mumbai: Continuing the upward trend for the second consecutive day, the Sensex surged ahead today by 63.58 points to close at 9647.47–a month's high–on the Bombay Stock Exchange (BSE) on buying support from Mutual funds on expectations of a cut in interest rates by the RBI.

The benchmark indices ended marginally higher amid choppy trade, on the back of support from capital goods, realty, banking, pharma, select auto stocks as well as Reliance Communication and Reliance Industries.

Prime Minister's Economic Advisory Council chairman Suresh Tendulkar hinted yesterday that the central bank may cut interest rates after the interim budget to spur the economy and this helped boost sentiment in the local market, brokers said.

The markets started the day with choppy trade but after half an hour of trade both indices turned green and traded higher. But the rally fizzled out and indices turned choppy again in last two hours of trade on weak global cues.

Buying by foreign funds also bolstered sentiment. According to provisional data released by the stock exchanges, foreign funds were net buyers of stocks worth Rs 285.39 crore yesterday.

The 30-share BSE Sensex opened slightly higher by 6.06 to 9,589.95 points. It recorded the day's high of 9724.87 and 9510.50 points in intra day trade.

The 50-share NSE Nifty resumed flat at 2919.70 and touched a high of 2957.40 and a low at 2891.75 during the day, before ending at 2934.50, up 14.60 points or 0.5 per cent over the previous close.

The market breadth, indicating the overall health of the market, was positive on BSE with 1376 shares advancing as compared with 1101 that declined. A total of 109 shares remained unchanged. In early trade, the breadth was much stronger.

The total turnover on BSE amounted to Rs 3716 crore as compared to Rs 2615 crore on the previous day.