Sensex rises above 120 points on fag-end buying; Nifty closes above 17,750

MUMBAI: Rising to a third session best, the benchmark Sensex on Wednesday rose 123 points on strong buying in banking and financial stocks amid a bearish trend in global stock markets.
Meanwhile, bear closing of short positions supported a late recovery in stocks, helping offset losses, traders said.
However, a weak rupee against key overseas rivals weighed on market sentiment and limited profits, they added.
In a mostly sluggish session, the 30-share BSE Sensex ended up 123.63 points, or 0.21 percent, at 60,348.09. During the session, the index reached a high of 60,402.85 and a low of 59,844.82.
The broader NSE Nifty gained 42.95 points, or 0.24 percent, to end at 17,754.40.
IndusInd Bank was the top gainer on the Sensex chart, rising 4.75 percent, followed by M&M, L&T, NTPC, ITC, Ultra cementTata Steel, Maruti and SBI.
Again, Bajaj FinanceTech Mahindra, Infosys and Sun Pharma It fell to 2.30 percent and was among the losers.
In the broader market, the BSE average gained 0.61 percent and the small cap index rose 0.28 percent.
Stock markets were closed on Tuesday due to the Holi festival.
Elsewhere in Asia, markets in Shanghai, Seoul and Hong Kong ended with losses, while Tokyo was in the green.
Stock markets in Europe were trading lower in the afternoon session. US markets were significantly lower in the overnight session.
The rupee closed down 13 paise at 82.05 (preliminary) against the US dollar on Wednesday.
The international Brent oil brand decreased by 0.16 percent USD 83.16 per barrel.
Foreign institutional investors (FIIs) were net buyers in the capital markets as they bought shares worth Rs 721.37 crore on Monday, stock exchange data showed.

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