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Sensex surges to a record close in volatile trade

Sensex surges to a record close in volatile trade
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First Published: Wed, Oct 03 2007. 05 15 PM IST
Updated: Wed, Oct 03 2007. 05 15 PM IST
Closing
Mumbai: Sensex today zoomed to a new intra-day peak of 17,953 points, just sniffing distance from the 18,000-point level, on aggressive buying by funds in blue-chip stocks.
The Sensex extended its gaining streak for the 11th trading session in a row and ended with a gain of 518.42 points at 17,847.04 points. If the market barometer touches 18,000-point mark tomorrow, it will be its shortest 1,000-point journey -- of just five sessions.
It turned volatile after Finance Minister P Chidambaram cautioned retail investors, while welcoming the interest shown by foreign investors.
Similarly, the wide-based National Stock Exchange index Nifty crossed 5,200-point level to settle at a new peak of 5,210.80, by adding 141.85 points. It touched the day’s high of 5,261.35 points, a level never seen before.
Buying activity was confined to power, realty and refinery segment stocks.
Late Afternoon
The Bombay Stock Exchange’s key Sensitive Index pared advances. Infosys Technologies gained.
The Sensex gained 219.25, or 1.3%, to 17,547.87 at 1:28 pm local time in Mumbai. The index earlier rose as much as 3.6% and fell as much as 0.2%.
Infosys, the nation’s second-biggest software developer, added Rs68.15 , or 3.6%, to 1,961.25.
Afternoon
New Delhi: Indian shares surged on 3 October, taking cues from strong gains in other Asian markets.
Sensex jumped 536 points, or 3%, to an all-time high of 17,878 points in intraday trading. On the broader National Stock Exchange, the 50-company S&P Nifty index rose 170 points, or 3.3%, to 5,240 points.
The Indian stock market was closed Tuesday, when several Asian markets _ including Hong Kong, Singapore and South Korea _ rose to new highs following Monday’s record closing on Wall Street. Markets across much of Asia also climbed higher on 3 October.
Markets have rallied by growing speculation that the worst of the US credit crunch is over, and that the Federal Reserve may further cut US interest rates. That has alleviated concerns about a slowdown in the US economy, a key export market for Asian companies.
In India, the benchmark Sensex has risen about 25% this year as foreign investors have pumped money into the market amid brisk economic growth that is averaging about 9% annually the last couple years.
Power and petroleum stocks led the gains, amid expectations that these companies would hugely benefit as the country steps up investment in infrastructure projects to meet the demand of its booming economy.
Tata Power surged 18.7% to Rs1,081 in intraday trade, while National Thermal Power Corp. was up 6.5% at Rs219 and Reliance Energy rose 4.7% to Rs1,412 .
Index heavyweights Oil and Natural Gas Corp. rose 5.1% to Rs1,048 and Reliance Industries jumped 6.1% to Rs2,429.
Opening
Mumbai: Indian shares rose to a record high for the 10th consecutive session early on Wednesday, led by Reliance Industries Ltd and ICICI Bank.
At 9:58 a.m., the benchmark 30-share BSE index was up 1.8%, or 312.31 points, at 17,640.93, after rising to an all time high of 17,656.29. Its previous life high of 17,425.34 was set on 1 October.
The broader 50-issue NSE index rose 1.6% to 5,152.60 points, after hitting an all time high of 5,155.15. Its previous life high of 5,089.30 was also hit on 1 October.
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First Published: Wed, Oct 03 2007. 05 15 PM IST
More Topics: Sensex | Stocks | Shares | Currency | Nifty |