Sensex soars 97 points ahead of derivatives expiry

Mumbai: The Sensex rallied about 97 points to 28,858.30 in early session today, maintaining its uptrend for the fifth day on widespread gains amid covering-up of short positions ahead of the February month expiry in the derivatives segment tomorrow. Brokers said that a mixed trend at other Asian markets too influenced sentiments here.

The 30-share Sensex, which gained 606.03 points in the previous four straight sessions, added 96.71 points, or 0.33 per cent, to 28,858.30. All sectoral indices of BSE led by oil and gas, PSU, bank and realty were in the green, rising by up to 1.50 per cent. The NSE Nifty jumped 27.90 points, or 0.31 per cent, to 8,935.75. Brokers also said that widening of bets by investors and data indicating domestic institutional investors made massive purchases in yesterday’s trade on the domestic boures, led to the rally in the market.

Moreover, covering-up of short positions by speculators ahead of February month’s expiry in the derivatives segment too accelerated pace of the rising trend, they added. Globally, Hong Kong’s Hang Seng gained 0.79 per cent, while Japan’s Nikkei quoted 0.08 per cent lower in the early part. China’s Shanghai Composite Index shed 0.15 per cent. The US market closed at another record high by rising 0.58 per cent in yesterday’s trade.