Sensex climbs 174 pts to 3-month high

THE SENSEX ticked all the right boxes as it rallied for the fourth day to end at a 3-month high of 27,882 as February derivatives series got off to a solid start ahead of the Budget next week, registering best weekly gains since May last year.

Financial stocks led by ICICI Bank, SBI, Axis Bank and HDFC Bank hogged limelight on better-than-expected earnings by most so far, which rose by up to 4.74 per cent, lifting the BSE bank index by 1.50 per cent.

Reflecting positive Asian cues, the 30-stock index opened positive and rallied to hit the session’s high of 27,980.39.

But the rush to take profit meant the advance could not go too far and the gauge settled up 174.32 points, or 0.63 per cent, at 27,882.46 — a level last seen on October 30 last year when it had closed at 27,930.21.

The index had rallied 673.64 points in the past three sessions, aided by strong earnings amid positive global cues.

The NSE Nifty after hitting a high of 8,672.70 closed at 8,641.25, up 38.50 points, or 0.45 per cent.

For the week, the Sensex recorded a gain of 847.96 points, or 3.13 per cent, while Nifty zoomed 291.90 points, or 3.49 per cent, their best weekly show since May 27 last year when they jumped 1,351.70 points, or 5.31 per cent, and 406.95 points or 5.25 per cent, respectively.

Foreign funds made significant purchases of stocks on Wednesday, pepping up mood further. Of the 30-share Sensex pack, 19 scrips ended higher.