BSE Sensex closes 184 points up at over 2-week high

Brokers said optimistic buying by participants ahead of the Budget and acceleration in economic reforms by the government, led to the rise in the key market indices.

(Photo: Reuters) (Photo: Reuters)

The Bombay Stock Exchange (BSE) Sensex and the National Stock Exchange (NSE) Nifty rose for the sixth straight session on Wednesday, hitting their highest in nearly 2-1/2 weeks, as interest-rate sensitive stocks such as ICICI Bank gained on hopes of rate cuts by the Reserve Bank of India due to slowing inflation and reforms in the upcoming budget would aid credit growth.

Investors have started building positions ahead of the Budget, due to be presented on February 28, on expectations of faster reforms, especially after Prime Minister Narendra Modi's Bharatiya Janata Party was routed in the Delhi state elections.

A firm trend across regional markets also helped sentiment.

The benchmark BSE Sensex gained over 184 points (or 0.63 per cent) to close at 29,320.26 points, while the broader 50-issue Nifty closed around 60 points (or 0.68 per cent) higher at 8,869.10.