Sensex closed higher by 253 pts | business | Hindustan Times
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Sensex closed higher by 253 pts

Surging for the second day in a row, the BSE Sensex closed higher by more than 250 points today on brisk buying in blue-chip stocks, especially Reliance Industries and ICICI Bank, amid optimism of interest rate cuts by banks.

business Updated: Jan 28, 2009 17:37 IST

Surging for the second day in a row, the Bombay Stock Exchange benchmark Sensex closed higher by more than 250 points on Wednesday on brisk buying in blue-chip stocks, especially Reliance Industries and ICICI Bank, amid optimism of interest rate cuts by banks.

The BSE barometer spurted by 253.39 points to close at 9,257.47. It had posted a 330-point gain on Tuesday.

The 30-share index touched the day's high of 9270.75 and a low of 9053.80 points.

Broader National Stock Exchange index Nifty also advanced by 78.15 points at 2,849.50.

Brokers said buying pressure gathered momentum with market participants were seen covering their pending short positions ahead of derivative contract expiry on Thursday.

Interest-sensitive banking and realty sector stocks led the rally on speculation that banks might cut interest rates to boost growth.

A higher opening on the London Stock Exchange today and Indian stocks in American Depository Receipt rising in the US markets overnight also boosted factors in the markets going up, brokers added.