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Sensex breaches 17k mark at record speed

business Updated: Sep 26, 2007 12:31 IST
PTI
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The benchmark Sensex on Wednesday crossed the 17,000-point mark, taking its fastest 1,000-point stride in six trading sessions, on sustained FII inflows and funds buying.

The previous record of shortest 1,000-point journey was of 19 days when the Sensex soared from 11,000 to 12,000 in March 2006.

Sensex Milestones

* 1000 July 25, 1990
* 2000 January 3, 1992
* 3000 February 29, 1992
* 4000 March 30, 1992
* 5000 October 8, 1999
* 6000 February 11, 2000
* 7000 June 20, 2005
* 8000 September 8, 2005
* 9000 November 28, 2005
* 10000 February 6, 2006
* 11000 March 21, 2006
* 12000 April 20, 2006
* 13000 October 30, 2006
* 14000 December 5, 2006
* 15000 July 6, 2007
* 16000 September 19, 2007

The 30-share Bombay Stock Exchange index gained 125.53 point to 17,025.07 in the first few minutes of trade from yesterday's close of 16,899.54 points.

"This was a Reliance driven rally and another key factor propelling the market was foreign inflows," a broker said.

Mukesh Ambani-controlled Reliance Industries touched an intra-day high of Rs 2,425.90, telecom major Bharti Airtel soared to Rs 973 while country's leading private sector lender ICICI Bank witnessed a high of Rs 1,004.

After the US Federal Reserve Board cut key interest rates, the rally witnessed in other Asian markets also boosted Indian stocks, marketmen said.

Sensex had hit 16,000-point on September 19. The journey from 15,000 to 16,000 had taken 52 trading sessions.

Meanwhile, 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 level of 10,000 in February last year. The 15,000 level was reached on July 6.

The index took 143 days to travel 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.