Sensex rises 633 points; Brent shoots up 5%

MUMBAI: Rising for the third consecutive session, sensex gained 633 points to close at 76,704 points. In three sessions this week, the index has added a little over 2,100 points (nearly 3%) even as the war in West Asia continues. Foreign funds remained net sellers on Wednesday and have taken out net funds worth about Rs 16,800 crore (about $1.8 billion) since the conflict began.

According to Siddhartha Khemka of Motilal Oswal Financial Services, after this three-day rebound, due mainly to supportive global cues, investors are expected to remain cautious with markets remaining sensitive to developments in the Gulf, movements in crude oil prices and continuing foreign fund activity. "While a near-term relief rally may persist, its sustainability will depend on de-escalation in geopolitical tensions and moderation in energy prices."

Wall Street indices slipped after data showed producer prices rose 3.4% y-on-y, more than expected. At 2230 IST, Dow Jones fell 0.8%, Nasdaq lost 0.8% and S& lost 0.6%. After Fed decided to hold rates, stocks slightly pared losses, but markets remained lower.

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