Sensex back above 17k

The Sensex has recaptured 17k mark on the back of strength in IT, energy and power stocks. The benchmark is now quoting at 17,002, up 310 points, and the Nifty is well above the 5k mark at 5,079, up 93 points.

The positive global cues have rubbed on to the Indian bourses.

The US stocks rose as home sales in November surged at the fastest rate since February 2007, indicating stabilization in the housing sector. The Dow Jones ended at 10,464, stronger by 50 points, Nasdaq closed at 2,252, higher by 15 points and the S&P 500 touched another 14-month high to close at 1,118, up three points.

And the Asian markets are trading with a positive bias.

NTPC (stronger by Rs 10 or 4.9% at Rs 225), Infosys (higher by Rs 67 or 2.7% at Rs 2569) and Sterlite (up Rs 20 or 2.5% at Rs 827) are the leading gainers on the Sensex.

Index heavyweight Reliance has gained more than 2% after announcing its third successive gas discovery in the KG basin.

Bharti Airtel is trading flat at Rs 320.

The market breadth is strong. Out of 2607 stocks traded on the BSE, there are 1871 advancing stocks as against 662 declines.