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Sensex soars 229 pts to end above 17k; Nifty goes past 5,000

Sensex soars 229 pts to end above 17k; Nifty goes past 5,000
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First Published: Thu, Sep 27 2007. 06 24 PM IST
Updated: Thu, Sep 27 2007. 06 24 PM IST
PTI
Mumbai: Sensex closed above the 17,000-point mark for the first time, while the Nifty crossed the 5,000 level driven by unabated FII inflows as well as strong global cues.
The rally was largely confined to frontline counters as the derivatives series registered a marketwide rollover of over 70% at the concluding day of September contract.
Riding high on unprecedented FII inflows, operators not only rolled over positions to next series but also made fresh commitments in the cash segment, market players said.
They, however, expected downward correction soon, taking a cue from heavy profit selling in the mid-cap and small-cap segments, indices of which closed flat.
The Nifty also closed at a life-time high of 5,000.55, a net rise of 60.05 points or 1.22% over previous close of 4,940.50.
Asian indices gained 1.0 to 2.5% at close. Metal and IT shares hogged the limelight during the day with their indices rising by more than 3%.
Tata Steel, Infosys Technologies, Satyam Computer, TCS, Wipro, SBI, BHEL, HDFC, HDFC Bank, ONGC and REL were the prominent gainers.
Morning:
The NSE index, Nifty, surged over the 5,000-points mark in early trade on 27 September, on aggressive buying by foreign and domestic funds, while the BSE benchmark Sensex regained its 17,000-point level.
After the 30-share index, Sensex, set a record yesterday by crossing the 17,000 mark, Nifty also joined the rally by surging to record level by gaining 75.05 point at 5015.55 in the first five minutes of trade. It lost some steam subsequently and was trading at the 4,975 level at around 11:15am.
The wide-based National Stock Exchange benchmark, Nifty, took 52 days to move from 4,500-5000 level and 203 days to move from 4000-5000.
The Sensex which made its shortest 1,000 points journey from 16K to 17K in six trading sessions, failed to hold on to the early gains and closed at 16,921.39 points.
The BSE barometer gained 237.10 point at 17,158.49 in early morning trade.
The rally in the bourses was backed by blue chip stocks such as Reliance group, Bharti Tele and capital good stocks.
Support also came in from firming global markets.
Marketmen said firming US Dow Jones Industrial index and Nasdaq and Asian stocks boosted the trading sentiment.
Hong Kong market index Hang Seng surged above the psychological 27,000-point mark in the morning trade, as Wall Street gains and fund inflows pushed the market further into record territory.
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First Published: Thu, Sep 27 2007. 06 24 PM IST
More Topics: Sensex | Nifty | BSE | NSE | equities |