Sensex hits 23-month high with 128 points rise
Thursday, 7 January 2010
MUMBAI, Jan 6 (Economic Times): The Bombay Stock Exchange benchmark index Sensex Tuesday surged by over 127 points to touch a 23-month high on sustained buying by funds in heavyweight stocks led by metals, mostly copper and aluminium stocks.
The Sensex had a gap-up opening of over 171 points and closed the day with a gain of 127.51 points to close at 17,686.24, a level seen in February 2008.
The key index touched the day's high of 17,729.78. This is the second consecutive rally of the market after the first trading session of the year Monday when the index gained 94 points.
The broader NSE's Nifty also rose by 45.70 points to 5,277.90, after touching a high of 5,288.35. The rally was mostly attributed to rising interest in metal stocks followed by realty and technology sector stocks. However, a further fall in the Reliance Industries, which is the heaviest counter among the Sensex scrips, by Rs 5.
India's largest copper producer Sterlite gained 4.9 per cent after prices of the metal in London, New York and Shanghai reached 16-month highs Monday. Cairn India, an oil explorer, climbed 3.6 per cent after crude futures in New York reached the highest settlement since October 2008.
Biggest aluminium maker in the country Hindalco Industries rose 7.2 per cent, while National Aluminium Co jumped 15 per cent. Both stocks rose to their highest in 19 months after Aluminum Corp of China increased alumina prices.
The Sensex had a gap-up opening of over 171 points and closed the day with a gain of 127.51 points to close at 17,686.24, a level seen in February 2008.
The key index touched the day's high of 17,729.78. This is the second consecutive rally of the market after the first trading session of the year Monday when the index gained 94 points.
The broader NSE's Nifty also rose by 45.70 points to 5,277.90, after touching a high of 5,288.35. The rally was mostly attributed to rising interest in metal stocks followed by realty and technology sector stocks. However, a further fall in the Reliance Industries, which is the heaviest counter among the Sensex scrips, by Rs 5.
India's largest copper producer Sterlite gained 4.9 per cent after prices of the metal in London, New York and Shanghai reached 16-month highs Monday. Cairn India, an oil explorer, climbed 3.6 per cent after crude futures in New York reached the highest settlement since October 2008.
Biggest aluminium maker in the country Hindalco Industries rose 7.2 per cent, while National Aluminium Co jumped 15 per cent. Both stocks rose to their highest in 19 months after Aluminum Corp of China increased alumina prices.