Market ends higher for 8th session in a row on positive macro outlook

Mumbai: The Sensex managed to close in the positive zone for the eighth straight session on Monday by climbing some 113 points following a slew of positive economic data that revived overall investors' sentiment despite mixed global cues.

The flagship Sensex during the session swung both ways --nearly 408 points -- on hectic selling and buying activity by participants.

According to government data, inflation based on wholesale prices eased marginally to 2.47 per cent in March on cheaper food articles, especially pulses and vegetables. Wholesale inflation was 2.48 per cent in February and 5.11 per cent in March last year.

Besides, reflecting further improvement in the economic situation, industrial production grew by a healthy 7.1 per cent in February while the key retail inflation slipped to a five-month low of 4.28 per cent in March, official data showed on Thursday.

Although, investors appeared slightly cautious amid mixed cues from global markets after a US-led strike on Syrian targets in response to alleged chemical weapons attacks, fuelling fresh geopolitical tensions.

The broader NSE Nifty too struggled before ending well above the 10,500-mark. The 30-share barometer, which cracked the 34,000-mark at the outset, hit a low of 33,899.34 on profit-booking in recent gainers amid sustained outflows by foreign funds.

However, towards the middle of the session, revival of buying, spread over a broad front, helped wiping out initial losses and touched the day's high of 34,341.46 before settling higher by 112.78 points, or 0.33 per cent, at 34,305.43. The index had risen 1,173.88 points in the past seven sessions.

The 50-share NSE Nifty too moved in a wide range on hectic selling and buying and finally closed 47.75 points, or 0.46 per cent, higher at 10,528.35. Intra-day, it hovered between 10,396.35 and 10,540.15.