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Shares close up 1.1 pc as funds snap up blue chips

Share prices closed 1.1 percent higher on Wednesday, for the fourth straight gain, as mutual funds bought blue chip companies to round out portfolios at the end of the year, dealers said.

DNA Web Team

Updated : Sep 14, 2017, 04:03 PM IST

Updated at 6.10 pm

MUMBAI: Share prices closed 1.1 percent higher on Wednesday, for the fourth straight gain, as mutual funds bought blue chip companies to round out portfolios at the end of the year, dealers said.

They said the surge in blue chip buying may come to an end on Thursday with the expiry of December futures contracts to buy shares on margin payments.

The 30-share Mumbai stock exchange Sensex index ended up 151.69 points at 13,859.69, a gain of nearly four percent in four trading days.

Gainers led losers 1,355 to 1,264 on volume of Rs 36.48 billion.

"Local and overseas fund buying at the year-end was expected. The market is likely to close the year at its historic peak of the 14,000 level," said Vijay Tilakraj, chief dealer at brokerage Prabhudas Lilladher Securities.

The rupee gained marginally against the dollar to hit a nearly nine-month high of 44.3 from 44.5. It was unchanged against the euro at 58.4.

Index heavyweight and second-largest software exporter Infosys closed up Rs 33.6 or 1.52 percent to Rs 2,253.4.

Media reports say Infosys is in talks with some global banks to sell its banking software product Finacle.

Private sector bank ICICI rose Rs 21.9 or 2.51 percent to Rs 894.4.

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