BSE Sensex closed at its highest level in nearly one month on Wednesday as blue chips advanced on resumption of buying by foreign investors, while forecast of a timely monsoon continued to raise hopes the central bank would lower interest rates in June.

Foreign portfolio investors, key behind Indian stocks hitting record high in March, have bought cash shares worth nearly $300 million in the past three days, Thomson Reuters calculations showed. They had sold about $2.5 billion worth of shares over the last four weeks.

The benchmark BSE index and the broader NSE index  gained 0.69 percent each, marking their highest close since April 22.

Market Outlook by Vinod Nair, Head-Fundamental Research, Geojit BNP Paribas Financial Services
As market is edging higher on rate cut expectations and easing in FII selling, today the trend was positive with limited volatility. DIIs have also been actively buying. Todays’ trend – lower volatility amidst DIIs continued participation, can aid markets to move up to higher levels in the near term. However, global factors can contribute to volatility to currency & FII fund flow and this has to normalize. For the week, market would also be weighed by Q4 results from Index heavyweights.

Market Wrap Up by Alex Mathews, Head Research, Geojit BNP Paribas Financial Services
Tracking the global cues, the markets opened with a positive and remained in positive zone through the day, without much volatility.  IT and Banking sectors were the major gainers in the sectorial front for the day which ended up around 1.78% and 086% respectively.
Nifty today opened at 8392, made an intraday high and low of 8440 and 8391 respectively and finally closed at 8423 up around 57 points.  But the market breadth turned flat as there were seen 1360 stocks advancing against 1334 stocks declining. The Nifty volatility index, India VIX stood at 17.71.75 down around 3.02%.
Mid cap index closed unchanged whereas the small cap index closed up around 0.17%.
The losers on the other end are Metal and Auto sector which ended down around 0.77% and 0.54% respectively.
In the stocks’ front, the major gainers were Tech Mahindra and HCL Tech which closed up around 3.35% and 2.51% respectively whereas the selling was seen in Bajaj Auto and Idea closed down around 2.37% and 2.26% respectively.
The FIIs were buyers in the cash market segment on 19 May 2015, Tuesday, bought shares worth Rs 48.06 crore. The DIIs on the other hand were also buyers on 19 May, bought shares worth Rs 451.02 crore in the capital markets segment.
The European markets on the back of weak corporate earnings. The US index futures were also trading lower.
Britannia, SCI, Bajaj Auto, RCF, GNFC, Zeel, Infinte, Voltas, CESC, All cargo and Deepak fertilizers are some of the companies which may announce their earnings tomorrow.