Sensex up 169 pts, gains on easing oil prices

Mumbai: The 30-share BSE index Sensex on Wednesday rose 169 points, recording gains for the seventh straight day, on steady FII inflows and firm global cues as falling crude oil prices eased concerns of inflation.

The Bombay Stock Exchange benchmark Sensex, which has recorded handsome gains of 1,277 points over the last six sessions, jumped up further by 169.38 points to close the day at 19,290.18, best since January 12.

The broad-based National Stock Exchange index Nifty also added 51.30 points to 5,787.65, after crossing the crucial 5,800 level.

The gauge has recorded the longest winning streak since September, as oil prices fell further. The crude oil fell 0.6 per cent to 104.14 dollar a barrel in New York.

Besides, marketmen said there was speculation that the US economic recovery will boost earnings, which spurred gains in Asian equities as well.

Asian stocks rose, driving the regional benchmark index toward its highest level since March 11, as Japanese companies began resuming production that was disrupted by the earthquake and tsunami earlier this month.

Also, Chinese firms have reported earnings that beat estimates. Firm opening in European stock markets further bolstered the market sentiment.

The upsurge was capped, however, and reduced the gains as investors covered their pending positions ahead of this month`s contracts expiry tomorrow in the derivatives segment.

The stocks of consumer durables, realty, healthcare and banking sectors remained the front runners as easing inflationary concerns reduced chances of further hike and interest rate.

Barring FMCG, all sectoral indices closed with gains of up to 3.98 per cent. In 30-BSE index kitty, 23 stocks ended with gains.

With the improving signs of economic growth in the US, software exporting stocks remained in demand. Tata Consultancy Services, the top software services provider, climbed 1.06 per cent to Rs 1,151.35, a fifth straight day of gains. Wipro Ltd, the third-largest, added 2.01 per cent to Rs 472.85.