Sensex climbs to 17000

At 10.40 am today, the Sensex touched the 17000 mark for the first time since May 23, 2008. Keen buying interest was seen in metal, auto, bank, capital goods and oil & gas stocks. However, FMCG stocks were trading weak. The broader indices, midcap and smallcap indices were up 0.50% each. Reliance, Infosys, ICICI Bank, L&T and SBI were the positive contributors to the Sensex.

We expect another positive start though Asian stock markets are mixed after overnight losses on Wall Street. If global cues remain indecisive the market might just turn choppy again being a curtailed week.

The market has already had a terrific run in anticipation of the imminent rebound. So, it remains to be seen how long the current momentum continues. The scope for further advance does appear to be limited and every rise will be interrupted with periodic falls.

Markets continued with its upward march taking cues from peers in Asia and on hopes of revival in global and domestic economy.

At 12:00, the Sensex was up 183 points or 1% at 17035, and the Nifty was up 50.95 points or 1.02% at 5057.80.