The Bombay Stock Exchange benchmark Sensex on Wednesday staged an impressive rally of over 270 points to cross the psychologically crucial 17,000-point level for the first time in 17 months.
Market-men said sustained capital inflows on anticipation of strong quarterly earnings by India Inc, triggered heavy buying.
The 30-share index, Sensex, which gained nearly 160 points in the previous session, surged by 273.93 points, or 1.63 per cent, to 17,126.84, a level last seen on May 9 last year. The index touched a high of 17,142.52 during the day, but pared some gains at the end.
In a similar fashion, the wide-based National Stock Exchange index Nifty, which had crossed the crucial 5,000-point level in yesterday’s trading, added 77.10 points, or 1.54 per cent, to 5,083.95.
Brokers said continued buying by foreign funds on expectations of strong quarter earnings by corporates mainly bolstered the trading sentiment, helping the Sensex to continue its rising streak.
The rally was backed by a steep rise in the stocks of banking, auto and capital good segments.
In the 30-BSE index stocks, 26 closed with gains, while four others—Bharti Airtel, Grasim Industries, ITC Ltd and ONGC—ended with losses.
