BSE Sensex up 0.8 pct; banks, Reliance lead

he BSE Sensex was trading 0.8 percent higher on Thursday, with banks and energy major Reliance Industries powering the gains on improving outlook and supported by firmer Asian markets.



Investor confidence has been upbeat this week after economic growth in the September quarter leapt a better-than-expected 7.9 percent, and auto sales in November showed another big rise.



"The positive data we saw this week is boosting sentiment ... supported by continued liquidity inflow," said Ambareesh Baliga, vice-president of Karvy Stock Broking.



By 11:51 a.m. (0621 GMT), the 30-share BSE Index was trading up 0.75 percent at 17,298.15, with 26 of its components gaining.



The benchmark has gained 80 percent so far in 2009, as foreign funds poured nearly $16 billion into Indian equities.



"Good numbers have raised expectations, but will they be met is the question," said Baliga. "When that does not happen, the market punishes the respective sectors."



Banks continued their rally as robust economic growth boosted their outlook, traders said.



The sector index was up 0.8 percent, taking the gains so far this week to more than 5 percent.

Top lender State Bank of India was up 0.9 percent at 2,328.40 rupees and rival ICICI Bank climbed 0.6 percent to 898.50 rupees.

sirfpaisa.com

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