Sensex zooms to new peak, Nifty crosses 4,900

Sensex zooms to new peak, Nifty crosses 4,900
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First Published: Mon, Sep 24 2007. 05 52 PM IST
Updated: Mon, Sep 24 2007. 05 52 PM IST
Closing
Mumbai: The benchmark Sensex shot up over 281 points on the Bombay Stock Exchange on buying by funds in heavyweight stocks such as Reliance Industries and Bharti Airtel.
The Sensex gained 281.60 points to close at 16,845.83, a level never seen before. It touched an intra-day high of 16,869.64 and a low of 16,599.66 points.
Similarly, the wide-based National Stock Exchange index Nifty spurted by 94.65 points to 4,932.20, after rising to 4,941.15 and dipping to 4,837.15 points.
Buying activity picked up on reports of the Hong Kong index Hang Sang crossing the 26,000-point level for the first time.
Afternoon update
Mumbai:The stock markets continued to remain bullish in afternoon trade, with the Sensex less than 250 points shy of the 17,000 mark. At 1:37pm, the benchmark 30-share index of the Bombay Stock Exchange was trading 198 points up at 16,762.
The Nifty was 89 short of the 5,000 mark, trading 74 points up at 4,911.
Morning
Mumbai: The stock markets continued their record-breaking spree with the benchmark Sensex touching a new peak of 16,820.53 within a few minutes of trade on 24 September, up by a whopping 256 points on the back of firm global cues and a slew of positive news.
The Bombay Stock Exchange (BSE) 30-share barometer opened with a wide upside gap at 16,697.89 from last Friday’s close of 16,564.23 and rallied further to a new intra-trade life-time peak of 16,820.53.
However, profit-taking pared early gains and it was quoted at 16,656.34 at 1030 hrs.
Similarly, the broad-based S&P CNX Nifty of the National Stock Exchange (NSE) logged a new intra-day high of 4,913.35, a rise of 75.80 over previous close of 4,837.55. It was quoted at 4,861.90 at 1030 hrs.
Top heavyweight Reliance Industries (RIL) remained the most favourite of the investing fraternity on news that the company has struck oil in D4 block of Krishna Godavari (KG) basin.
Banking counters also remained in the limelight on expectations of interest rate cut by the central bank in near future.
Most of the Asian indices were firm today in morning deal due to firm trend on Wall Street last Friday. The Dow Jones Industrial Average and the Nasdaq Composite Index rose by 53.49 points and 16.93 points respectively.
Market also got support from hectic short-coverings by operators and retail investors ahead of the expiry of September contract on September 27.
Dealers anticipated high volatility in next few sessions ahead of the expiry of September 2007 futures and options (F&O) contracts on Thursday.
Foreign Institutional Investors (FIIs) continued their buying in select blue-chip counters and pumped nearly Rs762 crore (provisional) on September 21, while domestic institutional investors (DIIs) were net sellers of shares worth Rs277.68 crore on the same day. FIIs have injected a whopping $2 billion in the current month so far.
Sustained fall in the inflation, which stood at 3.32% for the week ended September 8, 2007 from 3.52% in the previous week, also partly aided the bullish trend.
Last week, the benchmark Sensex registered its biggest weekly gain of 960.43 points or 6.16%.
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First Published: Mon, Sep 24 2007. 05 52 PM IST
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