Sensex gains for third straight month

Analysts said earnings optimism,sustained foreign fund inflow and positive cues from the US and Asian markets helped the domestic market gain for the second consecutive day.

After opening firm,the Sensex surged over 143 points but pared most of the gains in the final hours as investors booked profit at higher level.

“Markets did witness some volatility owing to the global factors and F&O expiry.

“Markets did witness some volatility owing to the global factors and F&O expiry. Overall,the mood remained slightly cautious due to mixed earnings from India Inc,” IIFL Vice President Amar Ambani said.

Auto,realty and banking sectors attracted heavy buying and were among the major gainers,while metal stocks witnessed selling pressure.

Tata Motors touched a year’s high and ended with a net gain of 3.56 per cent on expectation that the auto major will post good numbers. Other auto stocks too saw good buying. Hero Honda was the top gainer among the Sensex companies and rose 3.72 per cent,while Mahindra & Mahindra moved up by 0.38 per cent.

The realty sector celebrated the concession given by the Government and DLF rose 0.65 per cent.

In the 30 blue-chip stocks that make up Sensex,17 gained,while rest 13 settled in the negative zone.

A good demand was seen in banking stocks,with State Bank of India gaining 1.03 per cent,ICICI Bank rising by 0.59 per cent HDFC Bank advancing 0.64 per cent.

“Market has already shrugged-off the Greece debt concern and positive Asian cues helped the indices to extended gains,” CNI Research Chairman and Managing Director Kishor P Ostwal said.