Mumbai: The Bombay Stock Exchange (BSE) benchmark Sensex ruled firm in late morning trade on Wednesday by surging 98 points on persistent buying in auto, metal, consumer durable and refinery sectors on hopes of easing of monetary policy by RBI next month. Sustained foreign capital inflows coupled with higher global advices boosted the market sentiment.
Banking stocks edged higher after the Lok Sabha on Tuesday passed the Banking Laws (Amendment) Bill, 2011, paving the way for overhaul of the banking sector. Foreign institutional investors (FIIs) bought shares worth a net Rs 922.37 crore on Tuesday, as per provisional data from the stock exchanges.
The BSE-30 index, Sensex, opened higher at 19,429.91 and firmed up further to 19,516.02 before quoting 19,462.39 at 10.30 am. It showed a 97.64 points gain or 0.50 per cent from its last close. The NSE 50-share index Nifty also moved up by 27.80 points, or 0.47 per cent, to 5,924.60 at 10.30 am.
Asian stocks were mostly higher in early trade on Tuesday with investors taking heart from fresh signs of progress on a compromise solution to avert the fiscal cliff of tax hikes and spending cuts due to take place next year in the world's biggest economy. Key benchmark indices in China, Hong Kong and Taiwan were up by 0.02 to 0.71 per cent while stocks in Indonesia and Singapore were down 0.44 to 0.18 per cent. Japanese stocks extended this week's gains as the Nikkei 225 average was up 1.68 per cent
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