The Bombay Stock Exchange (BSE) sensex rose for the fourth consecutive day today, closing at a near six-week high of 3,056.58, more than 43 points higher than its last close. The BSE Teck index was up 2.15 per cent at 662.85 points.
With this, the market capitalisation of stocks on the BSE has increased more than 4 per cent (Rs 27,860 crore) in the last five trading sessions to Rs 5,90,209.09 crore. The day was the second busiest in May, with 96 million shares being traded. More than 1,040 stocks posted gains against 551 losses.
The National Stock Exchange's S&P CNX Nifty gained 13.25 points to close at 973.1. Sustained buying support for blue-chip stocks lifted the market to levels last seen on April 9.
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The buying spree of foreign institutional investors on the BSE emerged on hopes that a better monsoon this year would fuel demand in the nation's farm-dependent economy. The rebound in technology stocks following leads in overseas markets also helped.
A senior official at the India Meteorological Department told Reuters yesterday that this year's monsoon was expected to be close to normal. Companies depending on rural demand for their revenues were among the gainers.
The Hindustan Lever scrip rose 0.8 per cent to Rs 146.25, and the nation