The Hindu Business Line : Sensex scores new high, goes up 282 points

Trade mark
In the last two trading sessions, the index has added 583 points (over 5 per cent).
FIIs, who have been fuelling this bull market, did not participate in the buying frenzy on Tuesday.

Mumbai , April 18

Feel good sentiment continued on the bourses as corporates posted sound results for the March quarter. Markets that were buoyed by Infosys outlook got a further fillip today, after TCS posted better than expected quarterly results.

The Sensex moved up by 281.89 points to touch 11,821.75 today and recorded a 2.44 per cent appreciation. In the last two trading sessions, the index has added 583 points (over 5 per cent).

The Nifty's movements were even stronger today as the 50-stock index gained 2.71 per cent with a 92.95-point move to end at 3518.10.

Foreign institutional investors (FIIs), who have been fuelling this bull market, did not participate in the buying frenzy on Tuesday. They were net sellers to the tune of Rs 440.77 crore at NSE today. Mutual funds were the big buyers, according to market analysts.

On Monday, when the Sensex moved up by 302 points, FIIs were net buyers of shares worth Rs 252.9 crore and mutual funds were net buyers to the tune of Rs 202.66 crore.

TCS, Wipro do well

Technology stocks were the stars of the day. Both TCS and Wipro (whose results are to be announced on Wednesday) recorded over 5 per cent gains. TCS touched an intra-day high of Rs 2,088, before ending trade at Rs 2009.50, up by Rs 102.95 from Monday's close.

Wipro moved up over 5.5 per cent with a Rs 29.85-gain at its closing level of Rs 570.90.

Banking stocks also witnessed heavy buying, as Dr Y.V. Reddy, RBI Governor, left the repo and reverse repo rates untouched. UTI Bank and IndusInd Bank were big gainers.

The UTI Bank counter witnessed strong buying and the share moved up to Rs 351.60, up by Rs 16.70 from Monday's close.

IndusInd Bank appreciated by 4.41 per cent and closed trade today at Rs 54.45.

The initial public offer of Reliance Petroleum, which has so far been oversubscribed 12.33 times, also lent positive support to the market.

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