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Sensex back to 17k level after 3 weeks

Mumbai: The BSE benchmark Sensex today regained the 17K mark, adding 199 points, after more than three weeks on funds buying blue-chips such as RIL and Infosys amid firming European trend.

The Bombay Stock Exchange`s Sensex closed 198.77 or 1.18 per cent up at 17,082.69 as the two most heaviest stocks on the Sensex, RIL and Infosys – with 20 per cent weight – closed notably higher. RIL rose 2.36 per cent ahead of its quarterly earnings. Infosys shot up 1.83 per cent.

The broad-based National Stock Exchange index Nifty rose by 54.45 points, or 1.07 per cent to 5,132.30.

The overall inflation fell marginally to 9.72 per cent in September, from 9.78 per cent in August – still higher than the Reserve Bank of India`s comfort level.

RBI has raised rates a dozen times since March 2010 to rein in high inflation. It will meet on October 25 to review the monetary policy. The gauge has dropped more than 17 per cent this year as rising interest rates have started biting into corporate profits.

A firm trend in the European region ahead of weekend meeting of G20 finance ministers to tackle eurozone debt crisis, influenced market sentiment positively. Sectorally, IT index gained the most, rising 2.61 per cent to 5,698.90, followed by Teck, 2.61 per cent to 3,453.43. The oil and gas index rose by 1.53 per cent to 8,859.48 and FMCG index by 1.09 percent to 3,991.99.

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