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Sensex rises by 280 pts

business Updated: Jun 03, 2010 16:52 IST

PTI
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BSE's Sensex today regained the 17,000 points-level on sustained buying of banking and refinery stocks by funds and firm global cues.

The Sensex, which had gained 170 points in the previous session, rose further by 280.49 points to settle at 17,022.33, a level last seen on May 13.

The benchmark index rose to touch an intra-day high of 17,072.63 as investor confidence rose on the back of reports of higher US home sales, even though inflation at home increased.

The wide-based National Stock Exchange index Nifty rose by 90.65 points to 5,110.50 after touching the day's high of 5,125.70. A firming trend in the Asian region and the higher opening in Europe influenced the trading sentiment.

The US's Dow Jones Average spurted by 225.90 points to 10,249.92 last night on reports of strong US home sales, sending firm signals to Asian and European markets this morning.

Higher vehicle sales on the home-front further boosted the trading sentiment and reduced the impact of a rise in food inflation as per data released today.

All the 30-BSE index components ended in the green, with stocks in the banking, tech, oil and gas and information technology sectors leading the rally.

Sensex heavyweight Reliance Industries shot up by Rs 19.25 to Rs 1,031.15, while Infosys Technnologies' scrip rose by Rs 52,80 to Rs 2,697. HDFC Bank spurted by Rs 51.15 to Rs 1,906.15 and SBI by Rs 27.55 to Rs 2,286.50. These four companies account for nearly 37 per cent of the weightage on the index.

The banking sector gained the most, rising 1.99 per cent to 10,687.05, followed by the tech index by 1.89 per cent to 3,206.93. The oil and gas sector index was the third best performer, rising 1.71 per cent to 10,163.30.