Sensex up 177 pts on value buying

Shrugging off a rise in food prices and weak global markets, the Bombay Stock Exchange index Sensex on Thursday spurted by 177 points on value buying in blue-chips like Reliance Industries and Infosys.

The 30-share barometer, which had commenced the day lower, bounced by 176.86 points to 17,727.49, with most of the heavyweights ending in positive zone.

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Broad-based National Stock Exchange index Nifty rose by 41.70 points to 5,320, after moving in range of 5,330.60 and 5,252.25 points.

Brokers said rising food inflation failed to dent the sentiment, as general investors and funds flocked the market to invest in some of the valuable stocks available at existing lower levels.

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A weakening trend in Asia and lower opening in Europe also did not spoil the party, they added.

Sensex leader Reliance Industries rose by 2.90 per cent while IT bellwether and the second most valuable company after RIL, Infosys, rose by nearly 1 per cent.

Tobacco major ITC, Anil Ambani group telco RComm, State-run Oil and gas company ONGC, largest IT services exporter TCS and FMCG major HUL were among major gainers.