The BSE benchmark Sensex on Wednesday climbed to six-week high on re-emergence of heavy buying as investors covered long positions ahead of expiry in the derivatives segment and on firm Asian cues.
The Bombay Stock Exchange benchmark Sensex shot up by 230.61 points to 20,256.03, the highest level seen since November 16 as stocks in FMCG, consumer durables and metal sectors recorded handsome gains.
Similarly, the broad-based National Stock Exchange index Nifty rose by 64.35 points to 6,060.35, after touching the day’s high of 6,067.55.
Buying activity gathered momentum as investors indulged in squaring up their over—sold positions, a day before the expiry in the derivative segment.
A firming trend in the Asian region, led by Japan’s Nikkei index further fuelled the uptrend. The MSCI Asia Pacific Index, shot up to a 30-month high for a second day, as increased oil, copper and gold prices boosted commodities companies.
Copper jumped to a record high on the London Metal Exchange, catching up with gains in other metals as trading resumed today after a two-day holiday. Aluminium, zinc and lead also climbed. Copper gained one per cent to 9,437.50 dollar a metric ton, surpassing the previous peak of 9,392 dollar reached on Dec. 21.
Heavy—weight metal segment shares remained on the forefront as Sterlite Industries, the biggest copper and zinc producer, rose 3.38 per cent to Rs. 185.15. Hindalco, the largest aluminium maker was up 1.73 per cent to Rs. 241.45 and JSW Steel by 0.93 per cent to Rs. 1,151.65, its first rise in three days.
Trading volumes declined as the major market participants were absent from the markets due to year-end holidays. The combined turnover on both the exchanges dropped to 2.5 billion dollar yesterday, the lowest in almost six months.
In the non-specified section, Gitanjali shot up 7.64 per cent to Rs 212.75 after it acquired a 90 per cent stake in Glantti Italia from Gitanjali Ventures DMCC, its Dubai-based unit. MindTree, a software maker rose 7.04 per cent to Rs 544.75 after saying it plans to convert its subsidiary Mindtree Wireless into a design services unit.
All the sectoral indices ended with gains. On the other hand, while 27 stocks in the 30-BSE index components rose, three ended lower.
Keywords: Sensex close