Sensex hits 2-year high in early trade

The BSE benchmark Sensex rose by over 25 points in early trade Tuesday to touch a new two-year high of 20,128.58 on sustained buying by funds on strong third quarter earnings posted by corporates amid a firming trend in the Asian region.

The 30-share index, which had gained nearly 284 points in the previous three sessions, rose by 26.76 points, or 0.13 per cent, to trade at a new two-year high of 20,128.58.

Similarly, the wide-based National Stock Exchange index Nifty rose by 6.80 points, or 0.11%, to 6,089.10.

Brokers said sustained buying by funds as well as retail investors driven by announcement of encouraging third quarter results by blue-chip companies, buoyed the trading sentiments.

However, stocks of gold trading companies such as Titan Industries, P C Jewellers, Rajesh Exports and Gitanjali Gems were under pressure and lost up to two per cent, after the government hiked the import duty on gold and platinum to six per cent from 4 per cent Monday.

In the Asian region, Hong Kong's Hang Seng index and Japan's Nikkei were marginally up in the morning trade.