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Sensex gains for fourth day, up 143 pts

The 30-share BSE benchmark, which had gained 713.39 points in the last three trading sessions, climbed 142.70 points to 19,992.70. It touched a day's high of 20,084.25.

twitter-logo PTI   Mumbai     Last Updated: December 2, 2010  | 17:01 IST

A rally for the fourth day on Thursday pushed up the Bombay Stock Exchange benchmark Sensex to a two-week high as it added another 143 points on positive news of food inflation easing and a firming global trend.

The 30-share BSE benchmark, which had gained 713.39 points in last three trading sessions, climbed further by 142.70 points to 19,992.70. It touched a day's high of 20,084.25 points.

The broad-based National Stock Exchange index Nifty also rose 50.80 points to 6,011.70, after touching the day's high of 6,029.50.

Trading sentiment turned bullish on higher-than-expected GDP for the second quarter this financial year, rising exports and a fall in food inflation to 8.6 per cent for the week ended November 20 from 10.15 last week.

The realty sector, hammered after bribe-for-loan scam, was the best performer in the session, as investors bought fundamentally strong construction stocks available at existing lower levels.

The rally was further supported by a firming trend in the Asian region, with the MSCI Asia Pacific Index on course for its first weekly gain after declining for three straight weeks on concern that China will boost anti-inflation measures and amid rising tensions between North and South Korea.

A higher opening in Europe on expectations of hopes of some solution to the euro debt crisis in European Central Bank meeting on Thursday, also kept the world markets in better shape.

Front-runner stocks like Reliance Industries, Infosys Technologies, ICICI Bank, Wipro, TCS, Tata Steel, Tata Motors and ONGC continued to support the uptrend.

Oil and Natural Gas Corp, the state-owned oil explorer, jumped Rs 24.55 to Rs 1,313.05 after the government approved splitting its shares.

Hindalco Industries, the aluminium producer that controls the U.S.-based Novelis, led gains among metal companies by adding Rs 4.80 to Rs 218.40, as metal prices rallied in overseas markets after reports showed U.S. payrolls and manufacturing climbed.

Copper prices from London to Shanghai advanced after manufacturing in China, the U.S. and Europe expanded, adding to signs of a revival in demand. Zinc, lead and tin also rose.

Power sector stocks, including Lanco Infratech and Power Grid climbed after they were rated "buy" by Nomura Holdings, which said in a note to investors that they are "bullish" on the industry given the growth outlook.

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