December 22, 2010 4:01:46 am
The benchmark Sensex on Tuesday recorded a 5-week high and closed above the psychological 20,000-mark,driven by brisk buying in blue chips as well as firm global cues. The 30-share index of the Bombay Stock Exchange witnessed a smart trading day and closed with a gain of 0.86 per cent or 171.44 points at 20,060.32. The Sensex had last closed above the 20,000-level on November 15. The National Stock Exchanges wide-based Nifty too saw a similar surge and finished the day at 6000.65,up 0.90 per cent or 53.60 points from previous close.
Alex Mathews,research head,Geojit BNP Paribas,said,Volatility on an intra-day basis was seen but the overall outlook remained positive. Asian markets were trading high as commodity prices were at highs and on the back of comments that the US economic growth may be stronger than estimates in the coming year. Also as the Korean tension eased,the markets started to regain lost glory. On the European front,the UK consumer confidence remained at lower levels of 21 as Britain prepares for the biggest fiscal squeeze since World War II.
The sentiment was upbeat throughout the session on bargain hunting and Asian markets posting smart gains following the easing of tensions on the Korean peninsula.
The Sensex has registered a smart gain of over 412 points in three straight sessions. There are hopes of smart third quarter earnings and fresh buying at lower levels. ICICI Bank and SBI advanced by 3.56 per cent and 1.48 per cent respectively. Metal stocks also dazzled on the street on firm trend in global metal prices,with the copper producer Sterlite Industries and the aluminium giant Hindalco grabbing the prime spots on the 30-share Sensex.
The rupee recovered sharply by 25 paise against the US currency to close at 45.22/23 due to strong stock markets and dollar selling by exporters.
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.