Sensex goes past 18,000 for first time in 25 months | business | Hindustan Times
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Sensex goes past 18,000 for first time in 25 months

business Updated: Apr 08, 2010 09:26 IST
HT Correspondent

Even as the stockmarket barometer Bombay Stock Exchange (BSE) Sensex crossed the 18,000-mark for the first time in 25 months on Wednesday, investors can expect growth over the next few years, though profit-booking — when people sell their stocks to make a profit — may happen in the near term, experts said.

"The medium-to-long-term outlook is strong but markets may become a little volatile as some profit booking may happ-en," said Vikrant Gugnani, executive director, Reliance Money.

"Crossing 18,000 is a healthy sign and the foreign institutional investors (FIIs) support continues," said Divyesh Shah, CEO, Indiabulls Securities.

FIIs have been a strong force behind this rally and have invested Rs 22,973 crore since Budget 2010. The Sensex has risen by 10 per cent since Budget 2010.

"I do not see a trend reversal in the FII inflow as the dollar carry business (raising funds in US and investing in India) is strong at the moment," said C.J. George, MD of Geojit BNP Paribas Financial Services.

While the Sensex closed lower, at 17,970, the broader index, Nifty, closed at 5,374.

The major drivers of this movement from 18,000 in February 2008 to 18,000 on Wednesday have been Hero Honda, Maruti, Wipro, Infosys and Sun Pharma.