Mumbai, Feb 15 (IANS) A benchmark index for Indian equities markets Wednesday rallied strongly to close 353 points higher and above the 18,000-mark, a level unseen in the past six months.
Falling inflation, which has raised hopes of a rate cut by the Reserve Bank of India, and continuing inflows of foreign funds has pushed up markets dramatically since the beginning of 2012.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 18,000.3 points and closed at 18,202.41 points, 353.84 points or 1.98 percent up from its previous close at 17,848.57 points.
The 50-scrip S&P CNX Nifty of the National Stock Exchange, too, closed higher at 5,531.95 points, up 115.9 points or 2.14 percent from its previous closing.
Broader markets were also in the green, with the BSE 500 index ending 2.1 percent up. The BSE midcap index was up 2.1 percent while the BSE smallcap index gained 1.48 percent.
Realty, capital goods, power, banking and auto stocks were among the major gainers.
The market breadth was positive with 1,896 stocks advancing, 1,081 on the decline and 102 unchanged.
Overseas funds continued with their buying spree. According to data available with the Securities and Exchange Board of India (SEBI), foreign institutional investors bought stocks worth $232.44 million Wednesday.
FIIs have pumped in over $4.4 billion in 2012, having bought equities worth $2.03 billion in January and $2.37 billion in February till Wednesday.
Prominent gainers on the 30-scrip Sensex included Tata Motors, up 6.91 percent at Rs.286.40; DLF, up 6.05 percent at Rs.248.80; L&T, up 5.06 percent at Rs.1,449.10 and ICICI Bank, up 4.03 percent at Rs.980.10.
Major losers included RIL, down 1.43 percent at Rs.836.05; Hindustan Unilever, down 0.75 percent at Rs.388.05 and Cipla, down 0.75 percent at Rs.318.55.
Hopes of Greece securing a euro-zone approved bailout package helped Asian markets rise Wednesday.
The Japanese Nikkei rose 2.3 percent to close at 9,260.34 points, while Hong Kong's Hang Seng closed 2.14 percent higher at 21,365.23 points.
The Chinese Shanghai Composite index, also moved up 0.94 percent to end at 2,366.7 points.
European markets were ruling higher as well.
Britain's FTSE 100 was up 0.23 percent at 5,913.67 points. The German DAX was trading 1.14 percent higher at 6,805.2 points.
The French CAC 40 was trading 1.04 percent up at 3,410.59 points.
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