Sensex hits 23-wk high; moves closer to 18k mark

Metal stocks gained as LMEX, a gauge of six metals traded on the London Metal Exchange rose 0.44 per cent yesterday.

Sterlite Industries, JSW Steel, Jindal Steel & Power, Tata Steel, Sail, Hindalco Industries and Hindustan Zinc rose by up to 3.14 per cent.

Foreign institutional investors (FIIs), meanwhile, bought shares worth Rs 96.63 crore from the secondary equity markets yesterday as per provisional data from the stock exchanges.

The BSE 30-stock index, Sensex, resumed higher at 17,856.29 and shot up further to 23-high of 17,950.93. It was quoting at 17,943.23 at 1030 hrs, up 96.37 points or 0.54 per cent from last close.

The NSE 50-share Nifty also moved up by 27.55 points or 0.51 per cent to 5,440.40 at 1030 hrs.

Most Asian stocks advanced in the early trade on speculation that central banks in US and China will ease monetary policy to support the world's biggest economies.

Key indices in Hong Kong, Indonesia, Singapore and South Korea rose by up to 0.86 per cent. Markets in China, Taiwan and Japan, however, were down marginally.