Mumbai: After a strong day, the market ended with handsome gains. The Sensex ended up 191.68 points or 0.7 per cent at 27837.21 and the Nifty was up 57.60 points or 0.7 per cent at 8423.25.
About 1362 shares advanced, 1336 shares declined, and 190 shares were unchanged. IT and bank stocks supported indices. Tata Power, TCS, HDFC twins and Wipro were top gainers in the Sensex. Among the losers were Bajaj Auto, Tata Steel, BHEL, Hindalco and Axis Bank.
Why the surge? Foreign portfolio investors, key behind Indian stocks hitting record high in March, have bought cash shares worth nearly USD 300 million in the past three days, Thomson Reuters calculations showed.
They had sold about USD 2.5 billion worth of shares over the last four weeks. Overseas investors had trimmed positions in Indian cash equities but it was still a favoured market, UBS said in a report, citing feedback of 100 investors meeting it conducted globally.
India's weather office said on Thursday it expects monsoons to hit the southern Kerala coast around May 30, a timely arrival for farmers worried about dry weather from an El Nino weather pattern in 2015.
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