NEW DELHI: Tracking firming global trend, the Bombay Stock Exchange benchmark Sensex today rose the most in two months by 567 points on buying by funds in IT, bank and metal stocks. The 30-share index shot up by 567.50 points to close at 16,416.33, the biggest jump since June 24. It touched the day's high of 16,462.03 in tandem with a firming trend in the Asian region and higher opening in Europe. The gauge had jumped by 513 points on June 24. The broad-based National Stock Exchange Nifty index shot up by 171.80 points to 4,919.60, after touching the day's high of 4,934.40 points. Reliance Industries rose by 4.80 per cent to Rs 754.05, while Infosys by 4.23 per cent to Rs 2,297.85. The two scrips carry nearly 21 per cent weightage on the benchmark Sensex. The upsurge was led by software technology exporting companies on expectations of better earnings after the Federal Reserve said the US economy is poised to grow in the second half of 2011. The IT companies get more than 50 per cent revenue from the US and European markets. The IT sector index rose by 5.06 per cent to 4,958.90 as Tata Consultancy Services rallied 7.32 per cent to Rs 1,018.60 and Wipro, the third-biggest software maker rose 3.12 per cent to 329.20. Barring Maruti Suzuki and ONGC, all other 28 index-linked stocks closed with gains. All sectoral indices ended in the positive zone. Gold plunged by Rs 600 to Rs 27,490 per 10 grams, while silver lost Rs 1,800 to Rs 62,800 per kg. Dealers said trading sentiment turned bearish after gold declined in the global markets as the US Federal Reserve Chairman Ben S Bernanke said growth will resume. It boosted speculation that the central bank may not add more stimulus, which eroded the metal's appeal as a safe haven. Besides sluggish demand at prevailing high levels, investors were seen shifting their funds from bullion to rising equity, which also influenced the trading sentiment, market analysts said. Gold in global markets, which normally sets the price trend on the domestic front, traded 0.9 per cent lower at USD 1,812 an ounce. Meanwhile, European shares gained, tracking a late rally in Wall Street on Friday, after US Federal Reserve chairman Ben Bernanke raised hopes for more stimulus for the troubled economy at the US central bank's September meeting. Greek banks soared 20 per cent on an expected merger between Greece's second- and third-largest lenders, Eurobank and Alpha Bank, Germany's DAX and France's CAC40 rose 1.3 and 1.2 per cent respectively. Heavyweight banks to gain included Credit Suisse , Societe Generale and UBS , up between 1.7 and 3 per cent.

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