MUMBAI (Commodity Online): The key benchmark index, Sensex crossed 17,000 mark in the morning trading session today with lead taken by the metals and auto stocks accompanied by oil & gas stocks amid increased buoyancy on the bourses.

Sensex traded at 17034 points up by 185 points or 1.2% in the morning trades and S&P CNX Nifty breached the key 5,000 mark in early trade. Both the indices hit their highest level since late October 2009. Metal and auto stocks led the gains.

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Oil exploration firms gained on rise in crude oil prices. The economy could expand between 6 and 7% in the year to March 2010 despite a bad monsoon, finance minister Pranab Mukherjee said on Saturday as data showed accelerating inflation in October.

Speaking in the Sri Lankan capital Colombo, Mukherjee said there were risks to an early global economic recovery and signs asset price bubbles were re-emerging.

The sectoral index, BSE Auto gained by over 2.7% at 6961 points, while BSE metals index was up by over 2.5% at 15938 points amid high buying. Realty stocks too gained on positive guidance for the future growth prospects of the economy.

However, oil & gas stocks remained under pressure but major oil explorers gained on the bourses following high crude prices in the international market. BSE oil & gas index stood at 10240 points up by close to 1%. International crude prices edged upwards at USD 77.21 per barrel.

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