Sensex touches six-week high, adds 231 pts on investors demand

Mumbai, Dec 29 (PTI) The BSE benchmark Sensex on
Wednesday climbed to six-week high on re-emergence of heavy
buying as investors covered long positions ahead of expiry in
the derivatives segment and on firm Asian cues.
The Bombay Stock Exchange benchmark Sensex shot up by
230.61 points to 20,256.03, the highest level seen since
November 16 as stocks in FMCG, consumer durables and metal
sectors recorded handsome gains.
Similarly, the broad-based National Stock Exchange index
Nifty rose by 64.35 points to 6,060.35, after touching the
day's high of 6,067.55.
Buying activity gathered momentum as investors indulged
in squaring up their over-sold positions, a day before the
expiry in the derivative segment.
A firming trend in the Asian region, led by Japan's
Nikkei index further fuelled the uptrend. The MSCI Asia
Pacific Index shot up to a 30-month high for a second day, as
increased oil, copper and gold prices boosted commodities
companies.
Copper jumped to a record high on the London Metal
Exchange, catching up with gains in other metals as trading
resumed on Wednesday after a two-day holiday. Aluminium, zinc
and lead also climbed. Copper gained one per cent to 9,437.50
dollar a metric ton, surpassing the previous peak of 9,392
dollar reached on Dec. 21.
Heavy-weight metal segment shares remained on the
forefront as Sterlite Industries, the biggest copper and zinc
producer, rose 3.38 per cent to Rs 185.15. Hindalco, the
largest aluminium maker was up 1.73 per cent to Rs 241.45 and
JSW Steel by 0.93 per cent to Rs 1,151.65, its first rise in
three days.
Trading volumes declined as the major market participants
were absent from the markets due to year-end holidays. The
combined turnover on both the exchanges dropped to 2.5 billion
dollar on Tuesday, the lowest in almost six months.
In the non-specified section, Gitanjali shot up 7.64 per
cent to Rs 212.75 after it acquired a 90 per cent stake in
Glantti Italia from Gitanjali Ventures DMCC, its Dubai-based
unit. MindTree, a software maker rose 7.04 per cent to Rs
544.75 after saying it plans to convert its subsidiary
Mindtree Wireless into a design services unit.
All the sectoral indices ended with gains. On the other
hand, while 27 stocks in the 30-BSE index components rose,
three ended lower.