Sensex gains for 6th quarter, longest run in 20 yrs

The BSE Sensex rose for the sixth straight quarter, its longest such run in at least 20 years, after they gained 1 percent in the quarter ended June.

For the quarter ended June, the 30-share BSE index outperformed the MSCI’s measure of Asian shares other than Japan which shed nearly 9 percent.

The BSE index, which rose 4.5 percent in June to record its best monthly gain since March — when it had risen 6.7 percent, closed 0.95 percent or 166.81 points higher at 17.700.90, with 25 of its components logging gains.

“FIIs (foreign institutional investors) have been pouring in money into India, when the environment globally is good. But, if the environment turns negative, there is a pause,” said Rakesh Rawal, head of private wealth management at Anand Rathi.

Foreign funds have pumped in $6.7 billion in Indian equities so far in 2010, after investing a record $17.5 billion in 2009.

Sensex is up 1.4 percent in the first half of 2010, and has outperformed its emerging markets peers such as China’s Shanghai Composite Index and Brazil’s which have declined 9.6 percent and 26.8 percent respectively.

The index also outperformed the broader MSCI’s emerging markets index which shed 6.5 percent year-to-date.

The BSE index may rise to 19,000 points by end-2010, the median estimate in a Reuters poll of 20 market participants showed, while 17 forecast it rising to 21,000 by end-June 2011.

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