Sensex scales 16,000-level in 51 trading sessions

Sensex scales 16,000-level in 51 trading sessions

Mumbai: The Bombay Stock Exchange hit a new milestone with its benchmark Sensex crossing the 16,000-point mark today, taking 51 trading sessions to reach the current level from 15,000 hit on July 6.

The 30-share BSE index rose to 16,116.73 points, gaining 447.61 points in the first five minutes of trade as investors stepped up buying, encouraged by US Federal Reserve’s decision to cut the benchmark interest rates by 50 basis points.

The Sensex traded above 15,000 points for 41 trading sessions as the index fell below the level on account of subprime mortgage crisis in the US that caused meltdown in the global bourses.

The journey from 14,000 to 15,000 level had taken more than 140 trading sessions, the longest 1,000-point march since the Sensex touched the five-figure mark of 10,000 in February last year.

The 15,000 level was reached on July 6 driven by strong inflows from FIIs, robust economic growth and impressive corporate earnings.

In terms of sessions spent in taking each 1,000-point stride, the index took 143 days from 14k to 15k, 26 days from 13k to 14k, 132 days from 12k to 13k, 19 days from 11k to 12k, 33 days for 10k to 11k, 48 days from 9k to 10k, 54 days from 8k to 9k, 55 days from 7k to 8k, and as many as 1,124 sessions for 6k to 7k.