The Sensex on Wednesday rose by 61 points, led by metal and power stocks, amid expectations of more economic reforms in view of Prime Minister Manmohan Singh himself taking over the additional charge of Finance Ministry.
The BSE benchmark index, which had gained about 24 points in the previous session, scaled the key 17,000 level in early trade on positive Asian trends. After trading in a 122-point range, the index finally closed at 16,967.76, up 61.18 points or 0.36 per cent.
The 30-share Sensex’s gains were led by Tata Steel, Tata Power, Sterlite Industries, Sun Pharma and Hindalco that rose in 1.3-2.5 per cent range.
Likewise, the 50-share National Stock Exchange index Nifty rose by 21.10 points to 5,141.90, after touching the day’s high of 5,160.10.
Brokers said the stock market sentiment remained firm on optimism that Singh would take steps to stem the rupee’s slide and revive the faltering economy after taking charge of the finance portfolio.
The BSE-Metal index gained the most by rising 1.55 per cent to 10,409.06 points. It was followed by BSE-Power index gaining 1.03 per cent to 1,911.99 points on expectations the recent power tariff hike in Delhi would improve earnings.