Mumbai: Extending gains for the fourth straight session, the BSE benchmark Sensex on Thursday shot up by over 165 points in early trade on continued buying by funds and retailers, driven by the government's bid to fast track the infrastructure projects and hopes of a rate cut by RBI.
In addition, a firming trend in other Asian markets following overnight gains on the US markets, also bolstered the trading sentiment here.
The 30-share index rose further by 165.24 points, or 1 percent, to 16,619.54 in early trade. On Wednesday, it had recorded a hefty rise of 433.66 points, the highest single-day gain this year.
All the sectoral indices, led by metals and banking, were trading in the positive with gains of up to 1.38 percent. Similarly, the wide-based National Stock Exchange Nifty index regained the 5,000 mark to trade 45.20 points, or 0.90 percent higher, at 5,042.30.
Brokers said sentiments turned bullish following Prime Minister Manmohan Singh's bid to fast track the big-ticket infrastructure projects and expexctations of a rate cut by the Reserve Bank, which triggered widespread buying.
Besides, a firming trend on other Asian bourses following overnight gains on the US market after the European Central Bank said it would keep open its unlimited liquidity loans for euro-zone banks at least through 2012, further supported the sentiments here, they said.
In Asia, Hong Kong's Hang Seng Index rose by 1.53 percent and Japan's Nikkei Index by 1.26 per cent in early trade on Thursday. The US Dow Jones Industrial Average ended 2.37 percent higher on Wednesday.


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