The BSE Sensex (^BSESN : 17530.29 +11.03) was set for solid gains in 2010, driven by earnings optimism and supported by robust economic growth, albeit at a slower rate than last year, a Reuters poll found.

The 30-share BSE Sensex was seen rising 3.6 percent by mid-year and by nearly 11 percent by end-2010 from Tuesday's close at 17,383, according to the median forecast of 20 brokerages and investment houses.

The benchmark was expected to rise to 18,000 points by end-June and end 2010 at 19,250. Forecasts ranged from 13,800-21,500. The year-end figure was up from 19,000 in a December poll.

"Earnings growth will clearly be a driver for the market this year," said Manish Sonthalia, fund manager of portfolio management services at Motilal Oswal, who expects the Sensex to touch 19,000 by end the of the year.

Asia's third-largest economy will expand by more than 7.2 percent in the year to March 2010, with growth accelerating to 8.5 percent in 2010-11 and 9 percent in 2011-12, according to government forecasts.

The Mumbai benchmark stock index rose 81 percent last year after the economy was spared the worst of the global economic downturn, with foreign investors pumping in $17.5 billion. 

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The 30 scrip benchmark index of the Indian equities markets, Sensex, Wednesday crossed 17,000 for the first time in 16 months.

The benchmark index of the Bombay Stock Exchange had last crossed the 17,000 mark May 23, 2008.

Around 11.20 a.m, the Sensex, which opened at 16,868.46 points was ruling at 17,028.73 points, up 175.82 points or 1.04 percent higher than its previous close.

Around the same time, the broader S&P CNX Nifty of the National Stock Exchange was at 5,050.2 points, 0.87 percent higher than its previous close at 5,006.85 points.

Broader market indices were also in the green with the BSE midcap index ruling 0.56 percent higher and the BSE smallcap index up 0.8 percent.

indianachu : 08

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