Sensex gains for second day on better ADB outlook

MUMBAI: Tracking firm global trends, the BSE benchmark index Sensex on Thursday rose for the second day today by adding 75 points on funds buying in heavy-weights led by Reliance Industries amid an ADB forecast that said Asia will witness more accelerated growth this year.

After a 113-points gap-up opening, the 30-share Sensex added another 75.07 points to settle the day at 17,584.87. The buying sentiment was so strong that even an almost double December inflation data failed to deter the market sentiment.

The Sensex, which had gained 87 points on Wednesday, touched a high of 17,628.04 points intra-day.

The broader 50-share Nifty of the NSE too rose by 25.95 points to 5,259.50, after touching a high of 5,272.85. The Nifty had a 31.10 points higher opening tracking strong overseas trends.

Energy giant Reliance after languishing since last week and has the highest weight in the Sensex, rose by Rs 32.50 to Rs 1,120.85, after Asian Development Bank has forecast that the growth in the Asian region will accelerate this year, prompting speculation that corporate earnings will increase.

Among the 30 Sensex stocks, 15 closed with gains while the rest ended in the negative zone.

Expectations of a fast global recovery boosted commodity stocks such as oil producers, consumer durables, capital goods and metals. The BSE oil and gas sector index gained the most by rising 2.35 per cent to 10,828.72 followed by consumer durable index by 1.65 per cent to 3,865.70.

Sterlite rose by Rs 12.50 to Rs 875.20, as prices of the metals used in pipes and wires advanced. Tata Steel also Rs 7.15 to Rs 646.95.

TOI

add add * Google China market share climbs in last six months

STAFF WRITER 18:14 HRS IST

New York, Jan 14 (PTI) The search engine giant Google, which has threatened to wind up operations in China, saw its share in the search engine market in that country rise significantly in the last six months.

Google had on Tuesday said it might be forced to shut shop in China, following hacking, targeting human rights activists, and web censorship.

According to web analytics firm StatCounter, the Internet major had a search engine market share of 43 per cent at the end of 2009, while its rival Baidu held 56 per cent.

"Google has made impressive gains in China since July last when it was at 30 per cent against Baidu's 68 per cent.

"Our analysis suggests that given Google's recent strong performance, market share is certainly not the reason behind its threat to leave China at this time," StatCounter chief executive Aodhan Cullen said in a statement yesterday.

Inflation jumps to 7.31 per cent in Dec

STAFF WRITER 12:59 HRS IST

New Delhi, Jan 14 (PTI) Wholesale prices-based inflation leaped to 7.31 per cent in December, shooting past RBI's forecast of 6.5 per cent-level by this fiscal end, as food items such as sugar, potatoes and pulses turned costlier.

Overall inflation in November was 4.78 per cent.

However, food inflation (prices of non-processed food articles) measured separately for the week ending January 2, eased a bit to 17.28 per cent from 18.22 per cent a week ago.

If this trend in food inflation continues in the weeks ahead, then overall inflation may also fall.

Sugar, whose prices have become a cause of concern for the government with retail prices nearing Rs 50 a kg, rose 53.98 per cent in December year-on-year. Yesterday, the government announced a slew of measures to tame sugar prices.

In the month of December, food inflation stood at 19.