Mumbai, Aug. 27: After weeks of turbulence, the market has reason to cheer again. The sensex rose 417.51 points to 14842.38 on the back of positive Asian cues. Banking, realty, metal and capital goods stocks continued to rally for the second day at a go.

All the sectoral indices on the BSE ended the day with gains and other benchmark indices across the country also moved up after the Dow closed with strong signals on Friday.

The sensex started the day at 14581.35 points and touched an intra-day high of 14858.93 points. Realty stocks, which gained by almost 5.37 per cent, were followed by banking and capital goods scrips, which recorded an upsurge of 4.64 and 3.63 per cent, respectively. The Nifty surged 2.68 per cent to settle at 4302.60 points, the BSE Midcap index rose 2.75 per cent to 6360.66 points and the BSE Smallcap jumped 2.70 per cent to close at 7725.52 points.

The market, which witnessed random swings some time back because of political uncertainty in the country and sub-prime upheavals in the US, has kept the bull-run on for the second day. Analysts feel it is too early to expect a consistent rise, they see sufficient resistance at 15000 points during the week ahead.

“As of now things are not looking that bad, but any negative development on the sub-prime issue or on the ongoing political hitch could throw the market into further corrections,” Manish Sonthalia, vice-president of Market strategist at Motilal Oswal Financial Services told The Telegraph.

“We feel that the political problem has receded now. The nifty should be able to hold its strength between 4350 and 4370 points and the sensex could easily cross the 15000 mark during the week. Reliance, Tata Steel, the SBI, ONGC, Reliance Energy and HDIL are some of the stocks that will primarily contribute to this rally,” said Amitabh Chakraborty, president of equity at Religare.