Sensex highest in 19 months; closes at 17,360.61 pts
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Last Updated: Thursday, December 24, 2009, 18:05
  
Mumbai: Extending the gains for the third straight day, the Bombay Stock Exchange benchmark Sensex today rallied 130 points to close at a 19-month high amid a string of positive news and strong global cues.

Brokers said unexpected softening in food inflation to 18.65 per cent and a promising 5.3 per cent core sector growth in Nov helped markets continue to spread Christmas jingles.

The 30-share index initially gyrated in a narrow range but jumped in the last one hour to conclude the day gaining 129.50 or 0.75 per cent over its previous close at 17,360.61-- a level not seen since May 16, 2008. The Sensex has gained over 740 points in three days of sustained buying by funds.

Similarly, the broader 50-share Nifty of the National Stock Exchange touched a 19-month high today by gaining 33.80 points or 0.66 per cent to end the day at 5,178.40-- a level not seen since May 05, 2008-- from its last close.

Marketmen said investors in early trade were awaiting clear triggers after yesterday's massive rally. The sentiment got a boost when news of core sector growth and lower food inflation figures trickled in the afternoon. The late rally was driven by funds getting onto a buying spree, they added.

Covering short positions ahead of the December expiry and a long four-day weekend also helped push the Sensex up.

Food inflation unexpectedly softened to 18.65 per cent for the week ended December 12 from 19.95 per cent in last week. Infrastructure industries grew by a healthy 5.3 per cent in Nov against meager a 0.8 per cent a year ago, in line with the recovery in industrial growth.

PTI


First Published: Thursday, December 24, 2009, 18:05


Tag: SensexNifty
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