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The BSE benchmark Sensex today regained 20,000-mark for the first time in over three months on sustained FII buying and better-than-expected earnings by HDFC, but slipped to close a tad lower just few minutes ahead of the closing bell - ITC shares too gained handsomely.
After consolidating for major part of the day, Sensex hit 20,000 level in fag-end of trading but closed at 19,990.18 recording a gain of 101.23 points, or 0.51 per cent. It has now gained over 410 points in three days. Sensex had touched 20K-level on January 31 but failed to close above the mark.
Overall in the BSE today, buying was seen in heavyweights amid market breadth remaining equal as 975 stocks closed with gains while 974 ended with losses. HDFC which rose 3.8 per cent and FMCG major ITC that gained 2.2 per cent together pushed up Sensex by 100 points.
HDFC Bank, HUL, Tata Motors, TCS, Coal India and Hindalco clocked smart gains. The upsurge was supported by stocks of FMCG, oil and gas and banking sectors.
The broad-based National Stock Exchange index NSE Nifty rose by 25.75 points, or 0.43 per cent, to 6,069.30. Similarly, MCX Stock Exchange (MCX-SX) flagship index, SX40 rose by 65.53 points, 0.56 per cent, to close at 11,796.74 points.
"Equity market extended gains yet again despite ongoing political mayhem. The Nifty was seen retaining the 6000-mark and we expect the momentum to continue further," said Amar Ambani, Head of Research,IIFL.
The Budget session of Parliament was abruptly adjourned sine die today, with the second phase turning out to be a total washout. With the sudden curtailment of the session, key legislations like the National Food Security Bill and the Land Acquisition Bill could not be passed.
Brokers, however, said market remained upbeat ever since RBI cut key interest rate to bolster GDP growth last week. FII inflows have also gained pace, they added. Overseas investors have pumped in a record USD 12 billion so far this year.
Traders said investors were tracking Karnataka poll results where Congress was galloping its way to power in Karnataka with a majority on its own after a gap of 7 years.
Traders said HDFC was the top gainer from Sensex on more than 17 per cent rise in the Q4 net profit. ITC also rose on heavy buying after UP government's move to slash VAT on cigarette-cigar to 25 per cent