Sensex end 17-month high on economic outlook | business | Hindustan Times
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Sensex end 17-month high on economic outlook

business Updated: Oct 14, 2009 17:21 IST

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The Bombay Stock Exchange benchmark Sensex on Wednesday surged to a new 17-month high by adding over 204 points on buying support particularly in banking and metal stocks amid strong cues from Asian markets.

The Sensex, which had closed with a hefty gain in previous session on Monday, added 204.44 points at 17,231.11, a level last seen on May 20, 2008. The benchmark touched the day's high of 17,274.59 led by stocks in metal, banks and drug maker companies.

Similarly, the wide-based National Stock Exchange index Nifty shot up by 63.95 points at 5,118.20.

Brokers said markets were catching up with gains across the region on Tuesday when the domestic market was close due to state elections in Maharashtra.

They added that Asian shares were mostly firmer and the market was also underpinned by rising foreign portfolio flows.

The traders said the Sensex had gained almost 79 per cent this year as foreign funds stepped up purchases on the back of a recovering economy.

The FIIs pumped in nearly $13 billion into Indian stocks this year, almost putting back what they had pulled out in 2008 when the index slumped to more than half.

The market also got partial boost after HDFC Ltd reported a higher-than-expected 24 per cent rise in its second quarter net profit. The state-run lender, State Bank of India rose 4.46 per cent to Rs 2,269.45.