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Sensex closes over 20K level for first time

Sensex closes over 20K level for first time
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First Published: Tue, Dec 11 2007. 04 19 PM IST
Updated: Tue, Dec 11 2007. 04 19 PM IST
Agencies
Closing
Mumbai: The stock market benchmark Sensex advanced 360.61 points on 11 December, to close above the 20,000 mark for the first time, due to brisk buying by funds ahead of the US Federal Reserve’s decision on interest rate cut.
The Sensex, which had recorded an intra-day level at 20K levels on 29 October, settled at 20,290.89 today.
It touched the day’s high of 20,333.06 points and a low of 20,019.34 points.
The National Stock Exchange index Nifty also added 136.65 points to closed at a record 6,097.25, after touching a high of 6,111.20 and a low of 5960.40 points.
The major support to the market came in form of index-linked stocks like Reliance Industries, Grasim, HDFC Bank, Bajaj Auto, Bharti Televenture and ONGC. PTI
Afternoon update
Mumbai: Tracking firm global markets, the benchmark Sensex rose to a new peak of 20,313.60 on 11 December, after crossing its previous all-time high more than a month ago. Nifty also touched a new record at 6,081.95 in afternoon trade.
The Bombay Stock Exchange barometer, Sensex, which had touched a high of 20,238.16 points on October 30, went up by 382.92 points at mid-session today to 20,313.60 points.
Realty, metal, banking and PSU segments led the rally. Besides BSE-IT index, all other sectoral indices were quoted firm.
All Asian markets were trading firm in a range of 0.25 per cent to 2.6 per cent on the back of strong surge on Wall Street yesterday triggered by expectations of a rate cut to be announced by the US Fed in a meeting tonight.
RIL, Grasim, HDFC, HDFC Bank, ICICI Bank, L&T, Maruti, ONGC, SBI, ACC Bajaj Auto, Bharti Airtel, Tata Motors and Tata Steel were prominent gainers. PTI
Opening
Mumbai: The Sensex rose 1.2% on Tuesday to within striking distance of a record high, boosted by firm overseas markets and in anticipation of more foreign fund inflows if the United States cut rates as expected.
The Federal Reserve is due to announce its rate decision at 1915 GMT, with a quarter point cut in its benchmark rate to 4.25% now seen as a done deal.
A half percentage cut in US rates in mid-September had brought $7 billion into Indian stocks in the following six weeks, propelling the main index to a series of record highs.
By 10:36am, the 30-share BSE index was up 237.67 points at 20,168.35, with 29 components in the positive territory.
The Sensex has gained more than 46% so far in 2007 and is just 0.34% away from a life high of 20,238.16 hit on 30 October.
Brokerage India Infoline said the market could swing either way in sluggish volume as investors await the Fed outcome.
“Though a 25 basis point cut by the Fed is more or less guaranteed, global investors are keen to hear what the policy makers say about the outlook of the world’s biggest economy,” it said in a client note.
Foreign funds have invested more than $16 billion in Indian equities so far in 2007.
Asian stocks rallied after confidence-boosting cash injections into struggling financial firms such as Swiss bank UBS and in anticipation of the US rate cut.
Indian shares are seen rising at a slower pace of 10.2% in 2008, with a possible moderation in foreign fund inflows and prospects for early national elections posing the main challenges, a Reuters poll showed.
Shares in top private firm Reliance Industries Ltd rose 1.7% to Rs2,870.50, on reports that the company had signed a deal to buy 49% in eight exploration blocks of Uranium Exploration Australia.
In the broader market, 2,103 gainers led 447 losers on volume of nearly 188 million shares.
The 50-share NSE index, Nifty, was up 1.38% at 6,043.15, after hitting a life high of 6,050.45 in early deals. Reuters
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First Published: Tue, Dec 11 2007. 04 19 PM IST