Mumbai: Led by the auto sector, stocks continued their upward march for the second straight day lifting Sensex by another 50 points at close at the Bombay Stock Exchange (BSE) today (July 30, 2004) on sustained purchases by Foreign Institutional Investors (FIIs) coupled with fresh buying support from operators.

The gains, however, were trimmed by late profit booking at higher levels by day traders and retail investors.

In scrip-specific activity, the BSE Benchmark 30-share Index opened firm at 5134.92 and gradually moved upwards to the intra-day high of 5200.85 before settling at 5170.32 as against yesterday's close of 5120.45, a net rise of 49.87 points or 0.97 per cent.

Foreign Institutional Investors (FIIs), which reported net inflow of Rs 257 crore in the first three sessions of week, were believed to be selective buyers in auto shares like Tata Motors, Bajaj Auto, Hero Hond and a few others.

Enthused by revival of monsoon with fairly good rainfall in some parts of the country during last couple of days and positive FII inflow, operators too enlarged their commitments on the first day of August contract of derivatives, market players said.

FII activity is expected to increase shortly with the registration of about 50 FIIs with SEBI in the last three months, they added.

Despite inflation fluctuating over six per cent mark, the Central bank's decision to maintain the inflation outlook of around five per cent for the fiscal 2004-05 also had sentimental impact on the market.