Indian Sensex climbs to its highest level since April 2011

Source: Dukascopy Bank SA
© scanpix/AFP
Indian shares jumped to their highest level in 20 months after the U.S. senate passed a budget bill trying to avert the so called "fiscal cliff" coming into effect on January 1. Experts said the agreement would give more confidence to investors of emerging-market stocks. The Indian Sensitive index advanced 0.8% to 19,580.81 The gauge has rallied 26% in 2012, as the nation's government took efforts to  open the economy to foreign investment.  All groups in the benchmark index edged higher. Oil and gas was the best performing sector in the gauge by rising 1.22%, followed by financials and utilities that rallied 1.14% and 1.03%. Shares of Bharat Heavy Electricals Ltd., the largest power-equipment manufacturer in India, advanced for a third day by 2.3%, adding to gains in the industrial stocks. Larsen & Toubro also contributed to industrials by climbing 1.1% to 1,624.90 rupees. In addition, Sterlite Industries India, the largest copper producer, increased 1.9% to 118.90 rupees leading gains in the stocks of basic materials sector that were 0.85% up.
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