Sensex rises 244 pts ahead of RBI meet; Sun Pharma surges 8 pc
Mumbai: The benchmark BSE Sensex today rose by over 244 points to settle the day at 28,504.46, ahead of the RBI’s monetary policy review tomorrow, mainly driven by strong rally in healthcare and realty stocks.
Brokers said sustained buying by participants to enlarge their portfolios ahead of the RBI’s bi-monthly policy and appreciating rupee against the dollar buoyed the sentiment.
The 30-share BSE barometer commenced on a firm note but succumbed to profit-booking and slipped to intra-day’s low of 28,221.99. However, sustained buying in healthcare, realty and FMCG stocks helped Sensex to end the day at over two-week high of 28,504.46, a rise of 0.86 per cent or 244.32 points.
The Sensex had closed at 28,622.12 on March 18.
The 50-share NSE Nifty regained the crucial 8,600-mark and settled higher by 73.65 points or 0.86 per cent at 8,659.90.
On Sensex, Sun Pharma stocks zoomed 8.34 per cent to close at a lifetime high of Rs 1,168.50. Whereas, Cipla rose by 3.59 per cent, while Dr Reddy’s gained 4.33 per cent.
Meanwhile, manufacturing sector activity in March rose amid stronger increase in new orders that led firms to boost production.
However, banking stocks came under selling pressure ahead of the RBI policy, with ICICI Bank, HDFC Bank, Punjab National Bank, Bank of India among the major losers.
Sectorwise, the BSE Realty sector index gained the most by rising 6.43 per cent, followed by Healthcare (4.84 per cent), FMCG (2.35 per cent), Consumer Durables (2.06 per cent) and Capital Goods (1.40 per cent).
Smallcap index on the BSE Sensex ended 1.37 per cent higher, while midcap index gained 1.11 per cent.
Absence of cues from global markets which were closed for the Easter holiday also influenced the sentiments, traders said.
Meanwhile, provisional data showed that Foreign Portfolio Investors (FPIs) bought shares worth net Rs 209.87 crore, while Domestic Institutional Investors (DIIs) bought shares worth net Rs 197.25 crore last Wednesday.