Sensex gains 126 points, ends on new high

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Stock market barometer Sensex raced toward the 21,000-mark as it gained almost 126 points to settle at a new high on buying by investors amid expectations that companies will report robust earnings starting this week.

ICICI Bank, the country's biggest private lender, led the gainers with a rise of over six per cent. Reliance Industries, Reliance Communications and FMCG major ITC also rose.

The Bombay Stock Exchange benchmark Sensex recovered from its initial weakness and ended 125.76 points higher, extending its gains to the second straight day on expectations of good third quarter earnings, and a firm start in European markets.

The index opened lower following weakness in US and Asian stocks but later bounced from the initial low of 20,438.19 on buying by domestic institutional investors. It ended 0.61 per cent higher at a new closing peak of 20,812.65 points.

The broader S&P CNX Nifty of the National Stock Exchange, however, inched up by only 4.80 points or 0.08 per cent to a new record of 6,279.10 from previous close of 6,274.30.

The market discounted fears of a likely recession in the US economy after a sharp rise in unemployment rate as local investors made sector-specific purchases in afternoon trade before the release of third quarter results, scheduled to be announced from this weekend, market players said.

The Dow Jones Industrial Average tumbled 256.54 points and the Nasdaq composite shed 98.03 points last Friday while in Asia today, Hang Seng ended down by 1.24 per cent, Nikkei by 1.30 per cent, Straits Times by 2.46 per cent, Kospi by 1.76 per cent and Taiwan Weighted by 4.11 per cent.