The BSE benchmark Sensex, in its longest winning streak in over 18 months, on Monday tested the 11,000 level on aggressive buying by funds on the optimism that govt stimulus packages might help revive global economies.
The Sensex, which regained the six-month high level of 11,000 points during the day, ended with a gain of 163.36 points, or 1.51 percent, at 10,967.22. It moved between 11,069.54 and 10,800.84 points.
The index rose over 14 percent in the last seven trading sessions, and is set for its longest run of gains since 3rd October 2007, when a succession of gains for 11 days ended.
The 50-share National Stock Exchange index Nifty rose by 40.55 points, or 1.21 percent, to 3,382.60. It moved between 3,417.80 and 3,334.15 points during the day.
Marketmen said firming trends overseas continued to support trading sentiment in domestic markets. They said Japan doubled stimulus spending and Chinese lending made a record jump.
The MSCI Asia Pacific Index rose 0.4 percent to 88.34, the highest since 12th January.
Trading sentiment turned bullish after Satyam Computer shot up 3.61 percent to Rs 48.85, after touching a high of Rs 54, ahead of the announcement of the highest bidder for a 51 percent stake in the firm on Monday.
Larsen and Toubro and Tech Mahindra, which bid for a controlling stake in Satyam, fell ahead of the announcement. L&T fell 0.59 per cent to Rs 824 while Tech Mahindra gained 13.71 per cent to Rs 359.45.
The metal sector index gained the most, by 5.49 per cent to 7,174.92, as barring one, all the 14 sectoral stocks ended with hefty gains on fund buying backed by reports of a firming trend in base metal prices in overseas markets.
Brokers said an improvement in global economies would boost infrastructure, which includes steel and cement, and spur investor demand for higher yielding commodities.
The banking index was the second-best performer, rising 5.07 per cent to 5,301.15, as 16 stocks in the segment rose on all-round buying while two closed lower.
ICICI Bank climbed 4.49 per cent to Rs 415.55, HDFC Bank by 4.84 per cent to Rs 1,096.70 and State Bank of India by 6.80 per cent to Rs 1,217.90.
The realty sector rose by 4.14 per cent to 2,125.76 after shares of DLF Ltd, Parsvnath, Shobha Developers and Indiabull Realestate recorded handsome gains.
The PSU sector index rose by 3.16 per cent to 5,876.29, auto index by 2.73 per cent to 3,384.74, capital goods index by 1.64 per cent to 7,492.30, power index by 1.63 per cent to 2,059.28, healthcare index by 1.49 per cent to 2,978.05, oil and gas index by 1.32 per cent to 8,083.22 and teck index by 0.01 per cent to 2,031.36.
However, consumer durables, IT and FMCG fell on profit selling by funds.
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