BSE Sensex gains; blue chips up on strong FII flows

Reuters Market Eye - The BSE Sensex gains 0.84 percent, while the broader Nifty is 0.57 percent higher, trading above the key 6,000 level.

Gains track strong Japanese equities which scaled a near five-year peak after the Standard & Poor's 500 Index closed at a record high overnight on renewed hopes of a steady U.S. recovery.

Blue-chip shares such as Reliance Industries Ltd gain on hopes that strong portfolio flows would continue to favour India in the near term, dealers say.

Reliance Industries is up 1 percent while ITC Ltd gains 2.15 percent.

Foreign institutional investors were net buyers of 8.97 billion rupees of stocks on Monday, taking the 2013 net buying to a total of $12.17 billion, provisional exchange data showed.

 

GlaxoSmithKline Pharmaceuticals Ltd gains 7.3 percent ahead of its January-March earnings later in the day.

(Reporting by Abhishek Vishnoi)