Wednesday, November 16 2005 12:12 Hrs (IST) - World Time -

Mumbai: The Bombay Stock Exchange Benchmark 30-share Index (sensex) continued its upward march and was quoted 51 points up during morning trading on heavy buying support prompted by strong economic fundamentals and easing global oil prices.

The sensex opened firm at 8511.10 against Monday's (Nov 14, 2005) close of 8494.29 and later rallied smartly to a high of 8556.92 before being quoted at 8545.25 at 10.30 am, up by 50.96 points over previous close.

Brokers said the market is turned extremely bullish for term on the back of strong economic growth prospects for the current fiscal as well as next fiscal with indications of low crude prices.

The economy is expected to sustain a 7 per cent growth in this fiscal and even post a stronger growth of eight per cent in the next fiscal.

Brokers also credited the rally to speculation that a few newly registered foreign funds are likely to make huge investments in Indian equity in the next few months.

The top heavyweight Reliance Industries Limited (RIL) were quoted remarkably higher on buying prompted by reports that the company would gain a tax reprieve of about Rs 700 crore if the Government waived of the tax dues from RIL on account of irrecoverable taxes.

Other prominent gainers among index-based counters were State Bank of India (SBI), Hindustan Lever Ltd (HLL), Oil and Natural Gas Company (ONGC) and HDFC Bank.