Sensex gains 104 pts in opening trade on firm Asian cues

The Bombay Stock Exchange benchmark Sensex on Wednesday rose by 104 points in opening trade on sustained buying by foreign funds, tracking firming Asian bourses.

The Bombay Stock Exchange benchmark Sensex on Wednesday rose by 104 points in opening trade on sustained buying by foreign funds, tracking firming Asian bourses.

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The 30-share index gained 104.09 points, or 0.58 per cent, at 17,790.33 points, a level not seen since February 2008.

All the sectoral indices were trading in positive zone with gains up to 0.92 per cent.

The wide-based National Stock Exchange index Nifty regained 5,300 points level after February 28, 2008 to trade 32.95 points, or 0.62 per cent, higher at 5,310.85 points.

Brokers attributed gains in stocks to firming trend on other Asian bourses, which were up by almost 0.50 per cent in the morning trade.

Besides, expectations of higher corporate earnings for the December quarter also buoyed the trading sentiments, they added.

Metal stocks continued their upward journey in anticipation of pick up in demand on the back of signs of recovery in global economy.

Sterlite Industries gained 0.50 per cent to Rs 919.50, Tata Steel up by 1 per cent to Rs 655.40, Gujarat NRE by 2.93 per cent to Rs 95, Jindal Steel and power by 0.58 per cent to Rs 732.25 and Ispat Industries by 1.75 per cent to Rs 23.20.

Reliance Industries rose by by 0.59 per cent to Rs 1,075.90, Rcom by 1.05 per cent to Rs 183.20, ONGC by 1.12 per cent to Rs 1,221.50 and NTPC by 1.74 per cent to Rs 233.30.