Sensex crosses 16,800-mark in early trade | business | Hindustan Times
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Sensex crosses 16,800-mark in early trade

business Updated: Sep 24, 2007 12:39 IST
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The stock markets continued their record-breaking spree with the benchmark index touching a new peak of 16,820.53 within a few minutes of trade on Monday, up by a whopping 256 points on the back of firm global cues and a slew of positive news.

The Bombay Stock Exchange (BSE) 30-share barometer opened with a wide upside gap at 16,697.89 from last Friday's close of 16,564.23 and rallied further to a new intra-trade life-time peak of 16,820.53.

However, profit-taking pared early gains and it was quoted at 16,656.34 at 1030 hrs.

Similarly, the broad-based S&P CNX Nifty of the National Stock Exchange (NSE) logged a new intra-day high of 4,913.35, a rise of 75.80 over previous close of 4,837.55. It was quoted at 4,861.90 at 1030 hrs.

Top heavyweight Reliance Industries (RIL) remained the most favourite of the investing fraternity on news that the company has struck oil in D4 block of Krishna Godavari (KG) basin.

Banking counters also remained in the limelight on expectations of interest rate cut by the central bank in near future.

Most of the Asian indices were firm on Monday in morning deal due to firm trend on Wall Street on last Friday. The Dow Jones Industrial Average and the Nasdaq Composite Index rose by 53.49 points and 16.93 points respectively.

Market also got support from hectic short-coverings by operators and retail investors ahead of the expiry of September contract on September 27.