Sensex closes up 86 pts,at 2-month high

Sensex touched a fresh two-month high on buying support in banking stocks and Reliance.

Stock market barometer Sensex touched a fresh two-month high,with a modest 86-point gain,on buying support in bluechip banking stocks and Reliance Industries.

The Bombay Stock Exchange’s 30-share index rose by 85.91 points,or 0.49 per cent,to settle at 17,644.76 points,the highest closing level since January 18.

On a weekly basis,the Sensex extended gains for the seventh consecutive week,on the back of continued buying momentum since early February. The index has advanced 0.37 per cent over the week.

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This is the biggest stretch of weekly gain

by the index since June 2009.

The National Stock Exchange’s 50-share Nifty settled with a net rise of 0.41 per cent at 5,282 points.

“Investors are not putting in money in cash market. It is cautious bull run in market. Smart money is coming only in large cap stocks,” SMC Global Vice President Rajesh Jain said.

Reliance Industries,which has the maximum weight among the Sensex firms,rose 0.67 per cent to Rs 1,099.

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Financials led the gains in today’s market. ICICI Bank rose two per cent,HDFC Bank was up 1.16 per cent and SBI climbed 1.09 per cent.

Infosys cooled off after touching the all time high level on Thursday. The scrip declined one per cent.