Sensex hits 6-week high on rate cut hopes

The Sensex at the Bombay Stock Exchange rose for the fourth consecutive trading session and went up by 227 points or 1.2 per cent to close at a six-week high of 19,406.8. Thursday's rise took the total gain over the last four trading sessions at 675 points or 3.6 per cent on the back of a strong inflow from foreign institutional investors.

According to the data available at BSE, FII's invested a net of Rs 1,449.7 crore on Thursday and the total net investment by FIIs over the last four days have accumulated to Rs 3,758 crore. Earlier in the month, FII's were mostly net sellers.

The broader Nifty at the National Stock Exchange too rose by 1.4 per cent or 79 points to close at 5,916 on Thursday.

Market experts say that there were short positions in the market and since it was the last day of F&O expiry for the month, the markets witnessed short covering and in the near term markets look weak. The market is also expecting a rate cut by the RBI in the forthcoming monetary policy on May 3.

"As the extreme short term indicators are in the over bought zone we can expect sideways to negative movements in the near term," said Alex Mathew, head of research at Geojit BNP Paribas Financial Services.

At BSE the biggest sectoral gainers were auto and healthcare as the two sectoral indices rose by 2.8 per cent and 2 per cent respectively. Even the oil and gas index rose by 1.4 per cent during the day. On the other hand IT and technology indices lost 1.7 per cent and 0.8 per cent respectively.

Jet Airways soars nearly 11% on Etihad deal

Mumbai: Jet Airways shares on Thursday surged 20 per cent before ending nearly 11 per cent higher after the company announced plans to sell 24 per cent equity to Etihad Airways for about Rs 2,058 crore.

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