Indian bourses on Monday extended their gains to the seventh day in a row as buying support gathered momentum and the BSE benchmark Sensex jumped to a five-week high of 15,422.05, a rise of 103.45 points.
The market is largely driven by sustained purchases by Domestic Institutional Investors (DIIs), which injected about Rs 1,400 crore during last week.
Foreign Institutional Investors (FIIs), however, covered short positions amounting to Rs 3,907 crore in last four days of August series.
According to market players, FIIs are yet to join the bandwagon in full force but local funds remained net buyers, albeit in select frontline counters.
Reflecting the strong trend, the BSE barometer advanced by another 0.68 per cent to end the day at 15,422.05 from Friday’s close of 15,318.60.
The Sensex has gained 1,258 points or nearly 9.0 per cent in seven successive sessions since August 24. The seven-day advance is the longest since December 7.
Similarly, the broad-based S&P CNX Nifty of the National Stock Exchange (NSE) improved by 10.75 points or 0.24 per cent to close at 4,474.75 from previous close of 4,464.
Monday’s surge was also credited to an impressive 9.3 per cent GDP growth in April-June quarter of this fiscal and low inflation at 3.94 per cent in the week ended August 15.
Meanwhile, Asian indices showed hesitant trend but European markets opened on a promising note on Monday afternoon.
Heavy weighted counters NTPC Ltd, HDFC, BHEL, ICICI Bank, SBI, Maruti Udyog and Infosys Technologies were the prominent gainers at close.