Global markets hit high

The benchmark Sensex on Friday maintained its uptrend for the sixth straight session by closing up 48 points amid firm European cues and promising growth in factory output in July.

After moving in and out of positive terrain, the Bombay Stock Exchange 30-share index ended the day at 16,264.30, a rise of 47.44 points or 0.29 per cent over its last close.

In six straight trading days, the Sensex has gained a hefty 865.97 points or 5.62 per cent to cross the psychologically crucial 16,000-level.

A host of reasons such as revival of the monsoon, heavy portfolio investments and firm global cues have pushed the Sensex up.

FIIs continued to pick up shares. They had purchased stocks worth Rs 2,940.05 crore since September 7, according to provisional data, helping the market keep the tempo.

Barring Nikkei and Straits Times, other Asi-an indices like Shanghai Composite, Hang Seng, Kospi and Taiwan Weighted ended up by about 0.1 and 2.22 per cent.

A weakening dollar and robust Chinese economic data sharpened investor appetite for risk on Friday, sending world stocks to fresh 11-month highs for the fourth session in a row.

Investors shrugged off an unexpected downward revision of Japan’s second quarter GDP gro-wth, taking their cue ins-tead from data showing an acceleration in Chinese industrial output, retail and production. The figures also allayed fears Beijing would rein in its fiscal and monetary policy.

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