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Sensex extends gains on global cues


MUMBAI: Shrugging off rise in food inflation, the Bombay Stock Exchange sensitive index, Sensex, gained for the third day in a row and closed at 18350.74, up 144.58 points, following firm global cues amid renewed capital inflows.

The BSE 30-share index opened up in tandem with positive Asian markets and remained in the green throughout the day.

The NSE 50-share Nifty also improved further by 42.15 points to end above the 5500-mark at 5522.40.

Realty, auto and capital goods witnessed good buying, as well as short-coverings by operators ahead of the expiry of the monthly derivatives contract on March 31.

Investor sentiment remained upbeat on the positives of the past couple of days — the tabling of the two reforms bills on banking and indirect taxes in the Lok Sabha, easing concerns over Japan's nuclear problems and legendary U.S. investor Warren Buffett's indications to invest in India in a big way.

Out of the 13 sectoral indices, only BSE-Oil & Gas and BSE-HC closed with minor losses, while others closed with gains between 0.33 per cent and 2.83 per cent.

Hindalco was the top gainer from the Sensex pack, up 4.25 per cent at Rs.204.75 on surge in metal prices on London Metals Exchange (LMEX) on Wednesday.

“The Indian market extended its winning streak to three days as healthy inflows from FIIs in the previous session bolstered the sentiment,” said Amar Ambani, IIFL Head of Research (India Private Clients).

Asian markets closed with upward bias on rally on the Wall Street on Wednesday.

The gains were supported by higher commodity prices and on reports that some Japanese firms are to resume production, after having been hit by the devastating earthquake and tsunami that struck the country earlier this month. The key indices in Hong Kong, Singapore, South Korea and Taiwan closed with gains, while from China and Japan finished with minor losses.

European stocks were trading up in mid-session deals as the CAC, the DAX and the FTSE were up by over 0.5 per cent.

Rupee gains 10 paise

The rupee on Thursday gained for the fifth straight session rising by 10 paise to close at 44.75/76 against the U.S. currency on improving domestic equities and increased capital inflows. It closed at 44.85/86 on Wednesday.

At the Inter-bank foreign exchange market, the rupee opened stable at its overnight closing level of 44.85/86 and moved in a range of 44.70-44.89 before ending at 44.75/76. — PTI

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