Sensex, Nifty climbs to highest level in almost 3 years - GEPL Capital

The benchmark BSE Sensex and NSE Nifty climbed to the highest level in almost three years on value buying across the board triggered by global cues as concerns about US tapering eased and China's economic growth picked up.

All 13 sectoral indices on the BSE advanced, led by bank and metal shares. Sesa Sterlite and Tata Steel were the top gainers as 29 of the 30 Sensex shares moved up. ICICI Bank, HDFC Bank, ITC Ltd and Reliance Industries (RIL) boosted the Sensex. Larsen and Toubro gained ahead of its second-quarter results.

The S&P BSE Sensex opened higher on firm Asian cues and went up to the day's high of 20,932.23. It stayed in positive territory through the day and ended at 20,882.89, up 467.38 points or 2.29 per cent, completing its third week of gains. The Sensex was at the highest close since 20,932.48 on November 9, 2010.

Shares also got a boost on speculation the US Federal Reserve would maintain its monetary stimulus until next year. The 50-share CNX Nifty on the National Stock Exchange rose 143.50 points, or 2.37 per cent, to end at 6,189.35, the highest level since 6,194.25 on November 11, 2010. The rupee climbed to a two-month high of 60.92 against the dollar in the morning amid sustained capital inflows from foreign funds.

Source : Equity Bulls

Keywords