Sensex above 34,000 kicks off March series on a positive note

Mumbai: The BSE Sensex on Friday reclaimed the 34,000-level, surging about 323 points to end at one-week high of 34,142.15 as March derivative series got off to a strong start amid a firming trend on other Asian bourses.

In addition, the rupee rising to to 64.76 against the US dollar (intra-day) and sustained pumping of funds by DIIs also supported the recovery.

Tracking positive Asian cues and building-up of bets following the beginning of the March derivatives series, the 30-stock index opened positive at 33,832 and rallied to regain the key 34,000-mark.

The Sensex hit the session's high of 34,167.60, but finally, the gauge settled higher by 322.65 points, or 0.95 per cent, at 34,142.15, a level last seen on February 15.

The index had shed 25.36 points in the previous session.

The broader NSE Nifty also stayed in the positive zone and touched a high of 10,499.10 before closing 108.35 points, or 1.04 per cent, higher at 10,491.05.

For the week, the Sensex recorded 131.39 points, or 0.38 per cent; while Nifty gained 38.75 points, or 0.37 per cent.

Stock markets have been under pressure recently amid continued worries about the fallout from a massive Rs 11,400 crore fraud that hit Punjab National Bank, and concerns that the Reserve Bank could soon move to raise interest rates to check accelerating inflation.