The Bombay Stock Exchange benchmark Sensex rose for the fourth day on Monday, going up by 186 points to a five-month high level, as heavyweight Reliance Industries and financial stocks surged on growing hopes that the global economic downturn could be nearing its bottom.
The Bombay Stock Exchange benchmark Sensex rose for the fourth day on Monday, going up by 186 points to a five-month high level, as heavyweight Reliance Industries and financial stocks surged on growing hopes that the global economic downturn could be nearing its bottom.
The Sensex, which had gained nearly 780 points in the last three sessions, added another 186.04 points at 10,534.87, a level last seen on November 10. It touched the day's high of 10,654.89.
Trading sentiment turned bullish with the US Federal Reserve Chairman Ben S Bernanke saying policies to unfreeze credit markets are working.
The 50-share National Stock Exchange index Nifty also rose by 45.55 points at 3,256.60 and hit the day's high of 3,303.90 as stocks led by Reliance Industries and ICICI Bank recorded handsome gains.
Reliance Industries, the most valuable listed firm, has gained 11 per cent in April to close at Rs 1,672.25, after it started pumping out natural gas last week from its massive deep-sea field in the Bay of Bengal.
ICICI Bank, the second-biggest bank, gained four per cent and Housing Development Finance, a largest mortgage lender, added 2.73 per cent, on expectations that the government might cut interest rate to boost the finance industry.
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