Mumbai: The BSE benchmark Sensex gained for the third straight session on Friday adding nearly 145 points on buying by funds in fundamentally strong stocks, ignoring rising inflation and weak global cues.
The stock market, which opened after a two-day break, saw the 30-share index closing higher by 144.71 points, or 0.87 per cent, at 16,821.46 points. The market was closed on Wednesday for Eid and on Thursday for Ganesh Chaturthi.
It had gained nearly 828 points in the two sessions to Tuesday. The broad-based National Stock Exchange index Nifty moved up by 39 points, or 0.78 per cent to 5,040, after touching the day's high of 5,113.70.
Reliance Industries, most heavy on the Sensex, gained 3.06 per cent to Rs 805.40, after BP completed the purchase a 30 per cent stake in 21 energy assets operated by the firm.
Brokers said buying in bluechips at attractive lower levels pushed the Sensex up.
The negative factors such as food inflation rising to double digits for the week ended August 20, slowing GDP growth in April-June and a weakening global trend failed to influence the trading sentiment, they added.
Other index-linked stocks of State Bank of India, DLF, Tata Steel, Sun Pharma, Bajaj Auto, Hero Motors, ICICI Bank, Coal India, Tata Motors and Hindalco led the upsurge.
However, software exporting stocks led by Infosys suffered losses on fears finanancial turmoil in the US and European region might hurt their revenue.
Infosys, the second most heavy on the benchmark, fell by 1.16 per cent to Rs 2,315.55, Tata Consultancy Services by 1.82 per cent to Rs 1,021.65 and Wirpo by 0.28 per cent to Rs 334.10.
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