Sensex, Nifty edge up; foreign inflows help

Reuters Market Eye - The BSE Sensex is trading higher on the back of strong flows from foreign institutional investors (FIIs), who were net buyers of 9.9 billion rupees worth of shares on Friday, according to exchange data.

FIIs have bought more than $517 million in equities in the last two trading sessions, even after the U.S. Fed announced last week a long-expected decision to trim its bond purchases.

The BSE Sensex was up 0.3 percent, Nifty gained 0.4 percent as of 12:35 p.m.

A range of blue chips lead gainers, with ICICI Bank up 1.5 percent, Larsen & Toubro Ltd rises 1.4 percent.

 

State-run banks also gain on value buying: Canara Bank advances 5.6 percent, Union Bank of India up 1.8 percent and Punjab National Bank is up 3.7 percent.

United Spirits Ltd is down 2.9 percent after a regional court annuls sale of the Indian spirits maker to British group Diageo Plc .

(Reporting by Himank Sharma)