Mumbai:  The BSE benchmark Sensex on Wednesday gained 81 points to close above 17,000-point level after 10 weeks on positive investor sentiment after RBI shifted focus to economic growth in its policy review on Tuesday.

The Bombay Stock Exchange 30-share index Sensex added 81.41 points to close at 17,077.18, matching the highest level seen on November 14.

On similar lines, the National Stock Exchange index Nifty rose by 30.95 points to 5,158.30.
     
Traders said investors’ confidence got a boost after the Reserve Bank of India on Tuesday reduced the cash reserve ratio (CRR) for the first time since 2009, signaling to banks that they cut interest rates. The Sensex had gained 244 points on Tuesday as well.
     
Buying activity picked up also on account of investors covering their pending positions created on the last day of current month settlement in the derivatives segment.

Reliance Industries rose by 0.89 percent to Rs 790.10 and Infosys by 1.51 percent to Rs 2,659.75.

Banking sector stocks rose on expectations that the RBI move would boost revenue of lenders. HDFC jumped 1.12 percent to Rs 708.30 and State Bank by 0.75 percent to Rs 2,056.60.

The metal sector index gained the most, 1.79 percent, followed by auto index at 1.15 percent, IT sector index 1.06 percent, oil and gas 0.57 percent and banking index 0.33 percent.

Stock markets will remain closed on Thursday on account of 'Republic Day.' 

(Agencies)