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05-03-2012, 11:30 AM #1
Sensex up over 50 points on sustained buying, Asian cues
The Bombay Stock Exchange (BSE) benchmark index Sensex extended gains for the fourth straight session and rose by over 100 points in early trade on Wednesday. Sustained buying by funds and retail investors, encouraging fourth quarter corporate earnings and a firm trend in other Asian markets helped Sensex gain. Track markets live
At 10.17 am, Sensex was up 63.04 points at 17381.85. Similarly, Nifty was up 16.20 points at 5264.35.
Earlier, the 30-share barometer, which had gained over 188 points in the previous three sessions, was up by 105 points, or 0.61 per cent, at 17,423.81
All sectoral indices, led by Fast-moving consumer goods (FMCG) and consumer durables, were trading in the positive zone with gains of up to 1.41 per cent.
The wide-based National Stock Exchange index Nifty moved up by 30.40 points, or 0.58 per cent, to 5,278.55.
Brokers said continued buying by funds and retail investors on the back of better-than-expected fourth quarter earnings by some companies and a firming trend on other Asian bourses, following overnight gains on the US markets on positive manufacturing data, mainly influenced the trading sentiment.
Stocks of FMCG major Hindustan Unilever surged 2.74 per cent to Rs 427.75, after it posted a 20.63 per cent rise in net profit to Rs 686.61 crore for the fourth quarter ended March 31.
In the Asian region, Hong Kong's Hang Seng Index rose by 1.06 per cent, while Japan's Nikkei index up 0.50 per cent in morning trade on Wednesday. The US Dow Jones Industrial Average ended 0.50 per cent higher in Tuesday's trade.