FIIs lift Sensex to a two-year high

Sustained buying by foreign institutional investors (FIIs) propelled Indian equities to a two-year high on Monday. FIIs have been steady buyers since the Union Budget was announced on February 26. Domestic institutional investors, in contrast, stayed away from the party.

The benchmark 30-share BSE Sensex on Monday touched the two-year high intra-day as well as on closing. It gained 66.59 points, or 0.38%, to close at 17,711.35, breaching the previous closing high of 17,701 reached on February 29, 2008. In the afternoon trade, it had touched an intra-day high of 17,793.01, piercing the previous intra-day high of 17,790.33 it hit on January 6, 2008. The 50-share Nifty of the National Stock Exchange ended 20.85 points higher, or 0.39%, to close at 5,302.85.

It again was at a two-year high-both on a closing and intra-day basis.

According to BSE?s provisional estimates, FIIs were net buyers to the tune of Rs 1,062 crore on Monday, while DIIs sold shares worth Rs 270 crore.