Markets up for third day; Sensex hits 35,000 on earnings optimism

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MUMBAI, APR 30
Rising for a third straight day, the benchmark Sensex recaptured the 35,000-mark by surging about 191 points to end at a near three-month high of 35,160 as participants showed optimism in view of ongoing corporate earnings season.
Similarly, the Nifty crossed the 10,700-mark again riding a slew of positive factors, including RBI liberalising ECB policy. Sentiment got a boost after the RBI on Friday further liberalised External Commercial Borrowing (ECB) policy by including more sectors in the window, in a bid to facilitate easy access to overseas funds for India Inc, brokers said. Besides, positive leads from other Asian bourses following last week’s historic North-South Korea summit, fuelling optimism, too had an impact on bourses here. A higher opening in european markets too added to positivity. The gains were led by financial and technology stocks as investors widened their exposure ahead of key corporate results.
The January-March quarterly results posted by companies so far are largely in line with market expectations.
Driven by realty, capital goods, IT and banking stocks, the Sensex reclaimed the 35,000-mark at the outset to hit a high of 35,213.30 before ending at 35,160.36, up 190.66 points — or 0.55 per cent. This is its highest closing since February 1 when it read 35,906.66.
The gauge had climbed 468.43 points in the previous two days. For the 50-share NSE Nifty, the close came in at 10,739.35, higher by 47.05 points, or 0.44 per cent, after shuttling between 10,759 and 10,704.60.
Main indices – Sensex and Nifty – remained well above their key levels of 35,000 and 10,700 levels points, respectively throughout the session as investors were optimistic about upcoming results from more companies.
Domestic financial institutions continued to hold ground and retail investors built up more bets amid a firming Asian trend, said marketmen.
Domestic institutional investors (DIIs) picked up shares worth a net Rs 633.71 crore on Friday. Foreign portfolio investors (FPIs) exited, pulling out shares amounting to Rs 759.21 crore on a net basis, showed provisional data.
Markets will remain shut tomorrow on account of “Maharashtra Day”.

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