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Sensex up 72 points in early trade

PTI 20 Jun 2012, 10:43:05 IST
Mumbai, June 20: The BSE benchmark Sensex rose by over 72 points in early trade today on continued buying by funds and retailers after Prime Minister Manmohan Singh yesterday said the government is determined to take “tough” decisions to revive the economy.

The 30-share barometer, which had gained 153.97 points in yesterday's session, rose by 72.21 points, or 0.43 per cent, to 16,932.01 with metals, capital goods and auto sector stocks leading the rise.

Similarly, the wide-based National Stock Exchange index Nifty moved up by 19.85 points, or 0.39 per cent, to 5,123.70.

“Like other countries, we too allowed the fiscal deficit to expand after 2008 to impart a stimulus. We are now focussing on reversing the expansion. This will require tough decisions, including on controlling subsidies, which we are determined to take,” Singh had said while addressing leaders of the G-20 nations in Mexico.

Besides, a firming trend on Asian bourses following overnight gains at the US market on hopes that the Federal Reserve would announce measures to stimulate the world's biggest economy, also influenced the sentiment, traders said.

In the Asian region, Japan's Nikkei was up by 0.96 per cent, while Hong Kong's Hang Seng index gained 0.64 per cent in early trade. The US Dow Jones Industrial Average ended 0.75 per cent higher in yesterday's trade.