BSE Sensex, NSE Nifty soar to 3-year high, Sesa Sterlite, Tata Steel shares lead

Oct 18 2013, 18:51 IST
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BSE Sensex gained more than 2 percent on Friday and jumped to its highest close in nearly three years as banks. Reuters BSE Sensex gained more than 2 percent on Friday and jumped to its highest close in nearly three years as banks. Reuters
SummaryBSE Sensex, NSE Nifty powered by abating concerns about US tapering and China's economic growth.

The benchmark BSE Sensex and NSE Nifty climbed to the highest level in almost three years on value buying across the board triggered by global cues as concerns about US tapering eased and China's economic growth picked up.

All 13 sectoral indices on the BSE advanced, led by bank and metal shares. Sesa Sterlite and Tata Steel were the top gainers as 29 of the 30 Sensex shares moved up. Quote: Sterlite Industries

ICICI Bank, HDFC Bank, ITC Ltd and Reliance Industries (RIL) boosted the Sensex. Larsen and Toubro gained ahead of its second-quarter results.

The S&P BSE Sensex opened higher on firm Asian cues and went up to the day's high of 20,932.23.

It stayed in positive territory through the day and ended at 20,882.89, up 467.38 points or 2.29 per cent, completing its third week of gains. The Sensex was at the highest close since 20,932.48 on November 9, 2010.

Shares also got a boost on speculation the US Federal Reserve would maintain its monetary stimulus until next year.

"Markets rose sharply on Friday, buoyed by the postponement of the debt ceiling issue and on likely expectations that the Fed will not taper the stimulus programme in its next meeting, pending final resolution of the debt ceiling programme," said Dipen Shah, Head of Private Client Group Research at Kotak Securities.

Investors on the BSE were richer by Rs 1.07 lakh crore.

The 50-share CNX Nifty on the National Stock Exchange rose 143.50 points, or 2.37 per cent, to end at 6,189.35, the highest level since 6,194.25 on November 11, 2010.

Most Asian stocks rose as China's GDP growth rebounded, dispelling fears of a slowdown. China's economy expanded 7.8 percent in the three months ended September, up from a two-decade low of 7.5 percent in the previous quarter.

The rupee climbed to a two-month high of 60.92 against the dollar in the morning amid sustained capital inflows from foreign funds. Overseas investors bought a net Rs 1,109.93 crore of shares yesterday, as per provisional data.

Key indices in Singapore, China, South Korea, Hong Kong and Taiwan were up, while Japan's Nikkei ended 0.17 per cent lower.

The other trigger for the markets will be the Fed policy meeting and RBI policy meeting at the end of the

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