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Sensex, Nifty at new peaks as rally continues for ninth day

Sensex, Nifty at new peaks as rally continues for ninth day
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First Published: Fri, Sep 28 2007. 06 29 PM IST
Updated: Fri, Sep 28 2007. 06 29 PM IST
PTI
Closing
Mumbai: The bull run continued for the ninth straight day with benchmark indices — Sensex and Nifty — scaling new peaks, aided by auto and bank stocks, even though biggest heavyweight RIL lost value for second day in a row.
The 9-day winning streak since 18 September has seen a rise of 1,787 points for the Sensex — the highest ever gain in straight trading sessions.
The Bombay Stock Exchange’s 30-share barometer index settled up by 140.54 points at a new closing high of 17,291.10 points, after scaling an intra-day peak of 17,361.47 earlier in the day.
The National Stock Exchange’s Nifty also closed at a new peak of 5,021.35 from last close of 5,000.55, a net gain of 20.80 points or 0.42%, after touching a fresh all-time intra-day high of 5,055.80.
Though the market valuations looked stretched, foreign institutional investors (FIIs) continued their buying spree, increasing liquidity into the bourses, even as retail investors expected a sharp downward correction after a phenomenal rise in share prices in a short period.
Buying activity gathered momentum during midsession as bulls dominated the market stepping up activity in bank, auto, FMCG, metal and realty sectors.
Afternoon update
Mumbai: Frantic buying by foreign and domestic financial institutions drove the Sensex to a new intra-day peak of 17,361 points at mid-session on the Bombay Stock Exchange, continuing the record breaking spree for ninth day.
The 30-share BSE index surged 210.91 points to 17,361.47 at 1230 hours with shares in the metal and capital goods sectors rose sharply.
Similarly, the wide-based National Stock Exchange’s Nifty spurted by 49 points to its highest level of 5,049.55.
The market remained in bullish mood on the back of a steep rise in global stock markets in the current week. Hong Kong’s index Hang Sang has risen to a record high of over 27,000 points.
Morning
Mumbai: The benchmark Sensex, shot up by over 105 points to set a intra-day peak in early trade at the Bombay Stock Exchange on 28 September, on sustained buying by funds led by refinery stocks amid firming global trend.
The 30-share index, Sensex, which has been on a record making spree during the last seven days, spurted by 105.67 points at 17,256.23 in first five minutes of trade following a sharp rise in blue chip stocks led by Reliance Industries and some technology stocks.
Similarly, the wide-based National Stocks Exchange’s index Nifty rose by another 36.70 point at 5037.25.
Marketmen attributed the consistent rise in key indices, Sensex and Nifty, to firm global stock markets such as US Dow Jones, Hong Kong’s Hang Sang and Japan’s Nikkei.
Hong Kong share prices opened 0.2% higher today with investors encouraged by further gains on Wall Street overnight and expectations of more investment from China, they said.
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First Published: Fri, Sep 28 2007. 06 29 PM IST
More Topics: Sensex | Nifty | BSE | NSE | Reliance Industries |