Sensex gains for second day on better ADB outlook
The BSE benchmark index Sensex added another 75.07 points to settle the day at 17,584.87.business Updated: Jan 14, 2010 17:07 IST
Tracking firm global trends, the BSE benchmark index Sensex rose for the second day on Thursday by adding 75 points on funds buying in heavy-weights led by Reliance Industries amid an ADB forecast that said Asia will witness more accelerated growth this year.
After a 113-points gap-up opening, the 30-share Sensex added another 75.07 points to settle the day at 17,584.87. The buying sentiment was so strong that even an almost double December inflation data failed to deter the market sentiment.
The Sensex, which had gained 87 points yesterday, touched a high of 17,628.04 points intra-day.
The broader 50-share Nifty of the NSE too rose by 25.95 points to 5,259.50, after touching a high of 5,272.85. The Nifty had a 31.10 points higher opening tracking strong overseas trends.
Energy giant Reliance after languishing since last week and has the highest weight in the Sensex, rose by Rs 32.50 to Rs 1,120.85, after Asian Development Bank has forecast that the growth in the Asian region will accelerate this year, prompting speculation that corporate earnings will increase.
Among the 30 Sensex stocks, 15 closed with gains while the rest ended in the negative zone.
Expectations of a fast global recovery boosted commodity stocks such as oil producers, consumer durables, capital goods and metals. The BSE oil and gas sector index gained the most by rising 2.35 per cent to 10,828.72 followed by consumer durable index by 1.65 per cent to 3,865.70.
Sterlite rose by Rs 12.50 to Rs 875.20, as prices of the metals used in pipes and wires advanced. Tata Steel also Rs 7.15 to Rs 646.95.