Sensex regain 17000 level after 6 week

The benchmark Sensex on Wednesday gained 227 points to close at 17,000-level after six weeks on frenetic buying, particularly in blue-chip stocks. Continuing with the previous two days' winning streak, the 30-share index gained 227.45 points, or 1.36 percent, to close at 17,000.01 points. The Bombay Stock Exchange index had gained over 520 points in the previous two sessions. The last time Sensex closed at 17,000-level was on 21st January. The wide-based National Stock Exchange index Nifty spurted by 71.10 points, or 1.42 percent, to 5,088.10 points. Marketmen said FIIs were aggressive buyers as they smelt a great opportunity in Country's growth story, especially after the Budget which sees economy growing over 8 percent next fiscal.
The upsurge in stock prices further fuelled after Nomura Holdings raised countrys economic growth forecast and a report showed that services grew at the fastest pace in more than a year. In 30 BSE index kitty, 24 scrips closed with gains while six ended in the negative zone. All the sectoral indices were higher gaining up to 2.28 per cent. Reliance Industries surged by 3.90 per cent to Rs 1,021.95 on speculation that Lyondell had rejected company's offer, considered by investors as overvalued. Tata Power, the biggest private energy company, rose by 5.08 per cent to a six week high of Rs 1,334.55 after it was upgraded to 'buy' from 'add' at Kotak Institutional Equities, a unit of Kotak Securities Ltd.