The benchmark Sensex jumped over 300 points higher while the Nifty crossed the 11,500 mark during today’s morning trade session only to pare gains later on during the day. Sentiments continued to be upbeat over sustained inflows of foreign funds and healthy buying seen in key finance and banking stocks. Except for auto and pharma stocks, all the sectors traded in the green.
Before noon, Sensex was trading flat at 38,029 and Nifty was at 11,433 points.
It was for the sixth straight day that the share markets extended gains today. Strong foreign fund inflows and expectation of the current government returning to power after the Lok Sabha elections are believed to have boosted investor confidence.
Also, helping investor sentiment were a stronger rupee, which rose to a more than seven-month high, and the strength in broader Asian markets on mounting speculation the US Federal Reserve will sound decidedly dovish at its policy meeting this week.