Sensex spurts 160 points to reclaim 34,000-mark

Mumbai: Benchmark Sensex advanced for the sixth straight session to end above the key 34,000-level on Thursday, led by gains in IT, banking and capital goods shares.

Technology stocks rose after the rupee weakened to a fresh five-month low. TCS, Infosys, Wipro, HCL Technology and Tech Mahindra ended in the positive zone. However, profit-booking was witnessed in realty, metal, healthcare, power and PSU counters.

The 30-share Sensex resumed higher and advanced to 34,177.44, but soon slipped on profit-taking to touch a low of 33,924.28. It finally ended 160.69 points, or 0.47 per cent, higher at 34,101.13. This is its highest closing since February 28, when it had closed at 34,184.04.

The gauge had gained 921.37 points in the previous five sessions. The NSE 50-share index, after moving between 10,469.90 and 10,395.25, finally concluded at 10,458.65, up 41.50 points, or 0.40 per cent.

Foreign portfolio investors (FPIs) bought shares worth Rs 362.30 crore on net basis, while domestic institutional investors (DIIs) bought equities to the tune of Rs 111.82 crore on Wednesday, provisional data showed.

Meanwhile, Moody's Investors Service today said the pick-up in economic growth in India is positive for asset-backed securities (ABS), as it supports the ability of borrowers to earn income and repay their loans.

Moody's expects that the Indian economy to grow at 7.6 per cent in 2018 compared to 6.2 per cent in 2017.