FOREX UPDATE

Mushrooming inflows from foreign institutional investors (FIIs) and a strong results expectation for the second quarter helped the Sensex to continue on the upswing as it breached the 17,000 mark after 16 months on Wednesday.

The Sensex rose 1.6 per cent or 274 points to close at 17,127, while the more broadbased NSE Nifty rose 1.5 per cent or 77 points to close at 5,084.

Riding the momentum, the initial public offering (IPO) of Oil India Ltd saw a strong listing after a dismal performance of other high-profile IPOs such as NHPC and Adani Power.