Sensex up by 102 pts on sustained FII buying

Mumbai: The BSE Sensex made gains for the fifth session in a row on Monday, surging another 102 points to 17,707.31 on sustained buying by FIIs amid strong cues from Asian markets. Foreign funds, key market movers, had bought shares worth Rs 974 crore on February 3, taking total investments in Indian equities this year to Rs 16,204.30.

Analysts said positive jobs data in the US late last week lifted Asian markets today, although European equities were weak in the afternoon on investor worries about the euro-zone debt crisis, especially in Greece. Besides, they added that the dismissal of a petition by the special court to investigate Home Minister P Chidambaram in the 2G spectrum allocation scam supported the positive sentiment.

The BSE 30-scrip index, Sensex, opened on strong Asian cues and logged 14-1/2 week high of 17,829.72. But then it fell in the negative terrain on weak European openings. It bounced back, however, to close the day at 17,707.31, up 102.35 points or 0.58 per cent cent from Friday`s level. Sensex had gained over 741 points in the last four sessions.

The NSE 50-share index Nifty also moved up further by 35.80 points or 0.67 pct to finish at 5,361.65. Except the BSE-Healthcare, which declined marginally, 12 other sectoral indices ended in the green. Realty, capital goods, metal, PSU, banking and consumer goods were in strong demand.

"Market had a gap up opening on the back of favourable cues from both global as well as domestic events. US markets closed up on Friday night as a result of better than expected jobs data," said Shanu Goel, Research Analyst at Bonanza Portfolio.