MUMBAI Jan 2 India's NSE stock index rose 0.8 percent on Wednesday to breach the 6,000 mark for the first time in two years after the U.S. House of Representatives approved a deal on the so-called fiscal cliff, sparking broad-based buying.
Banking shares led the gainers as hopes of a January rate cut gathered steam. ICICI Bank rose 0.9 percent, while State Bank of India rose 1.3 percent.
The 50-stock NSE index was up 0.8 percent as of 0553 GMT, after earlier rising to as high as 6,000.50 points, trading above that key psychological level for the first time since Jan. 7, 2011.
The benchmark 30-stock BSE index rose 0.79 percent. (Reporting by Abhishek Vishnoi; Editing by Sunil Nair)
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With the Nifty breaching 8,500, sentiments are again bullish. But markets have been in the 8,200-8,600 range for some time and stocks across the board do not give the required confidence except for the liquidity factor. Many frontline stocks are not participating on the upside and the core sector is in a downtrend, writes Ambareesh Baliga. Column