vIndianz.com (06 Jan, 2009) — The Bombay Stock Exchange benchmark index Sensex surged by over 127 points to touch a 23-month high on sustained buying by funds in heavyweight stocks led by metals, by and large copper and aluminium stocks.
The Sensex had a gap-up opportunity of over 171 points and closed the day with a gain of 127.51 points to close at 17,686.24, a level seen in February 2008.
The key index touched the day’s high of 17,729.78. This is the second successive rally of the market following the first trading session of the year yesterday when the index gained 94.
The broader NSE’s Nifty in addition rose by 45.70 points to 5,277.90, after touching a high of 5,288.35.
The rally was generally ascribed to rising interest in metal stocks followed by realty and technology sector stock. However, an additional decrease in the Reliance Industries, which is the heaviest counter amongst the Sensex scrips, by Rs 5.80 to Rs 1,069.55, checked the increase as it did yesterday.
The metals index rose a hefty 3.82% today. Sterlite, the largest copper producer, gained 4.57% to Rs 914.90 after prices of the metals in London, New York and Shanghai reached 16-month highs. The most important aluminum maker Hindalco rose 7.39% to Rs 175.20.
The realty sector was the second most excellent performer by gaining 1.14% to 3,914.81 followed by the tech index by 0.94% to 3,321.99. Godrej Properties on its debut day rose to Rs 586.70 and ended at Rs 534.55.
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