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Markets race to new heights in sustained rally

Markets race to new heights in sustained rally
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First Published: Wed, Oct 10 2007. 06 04 PM IST
PTI
Closing
Mumbai: The stock market remained strongly bullish on 10 October and raced to dizzy heights, riding on a string of positive factors, mainly high expectations of robust corporate earnings.
The market sentiment was enlivened by peace on political front as well as the Institute of Economic Growth’s forecast that inflation would remain within the RBI’s target of 4-4.5% in the medium term with a downward pressure on the interest rates in next few months.
The Bombay Stock Exchange (BSE) 30-share Sensex opened with a wide upside gap of 193 points and later set a new intra-day high of 18,703.67 before ending the day at a fresh closing peak of 18,658.25, a net rise of 378.01 or 2.07% from the last close of 18,280.24.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) also touched a new peak of 5,454.70 and closed at an all-time record high of 5,441.45 from last close of 5,327.25, a gain of 127.45 points or 2.14%.
The market ignored weak european advices due to ever rising FII inflows into Asia’s fast growing economy. According to provisional figures, Foreign Institutional Investors (FIIs) made net purchases of Rs1,420 crore on Tuesday, taking their total net investments since 19 September to $6.5 billion.
IT bellwether Infosys Technologies led a smart rally in IT majors like Satyam Computer, Wipro and TCS, in anticipation of better-than-expected Q2 results ahead of the company’s meeting on Thursday.
The capital goods major L&T was another shining star with a 6.6% rise on news that the company bagged $60 million order in Saudi Arabia.
Opening
Mumbai: The benchmark Sensex continued with is rally and shot up by 370 points, crossing the 18,500 mark, in early trade on the Bombay Stock Exchange on 10 October, on aggressive buying by foreign funds.
The 30-share index, which scaled the 18,000-point mark yesterday, added 370.13 points to touch 18,650.37 in first five minute of trade.
The broad-based National Stock Exchange index, Nifty, zoomed passed the 5,400 points level by adding 123.80 point at 5,451.05.
Marketmen said bourses remained bullish on the back of strong rally in overseas markets and foreign funds pumping in more money.
They said Hong Kong market shares prices opened 1.51 per cent up,tracking Wall Street’s gains on hopes of further cuts in US interest rates.
Sydney, Seoul, Jakarta, Shanghai and Hong Kong all closed at record highs in previous day’s trade.
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First Published: Wed, Oct 10 2007. 06 04 PM IST
More Topics: Sensex | Nifty | BSE | NSE | Stocks |