Sensex inches toward 17K on funds buying
Stunning performance by key pivotals pushed the benchmark Sensex near the 17K-mark to close at new peak of 16,845.83 on selective but hectic buying by foreign funds.business Updated: Sep 24, 2007 18:12 IST
Stunning performance by key pivotals pushed the benchmark Sensex near the 17K-mark to close at new peak of 16,845.83 on selective but hectic buying by foreign funds amid short-coverings by operators and firm global cues.
Top heavyweight and country's largest private sector conglomerate, Reliance Industries (RIL), remained the most favourite of the investing fraternity and touched a life-time intra-trade high of Rs 2,375 on news that the company has struck oil in D4 block of Krishna Godavari (KG) basin.
Although the market breadth was negative, smart rally in other index-based counters like REL, Reliance Com, Bharti Airtel, SBI, HDFC Bank, ICICI Bank, Maruti, Bajaj Auto, L&T, BHEL, NTPC, HUL, M&M, Tata Steel and Ranbaxy contributed to the Sensex gains.
Banking counters hogged the limelight on expectations of interest rate cut by the central bank in near future after a hefty slash in US rates on last Tuesday.
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-day high of 16,869.64 before concluding at 16,845.83, a sharp rise of 281.60 points.
In five-session winning streak, the Sensex rose by 1,341.40 points or 8.65 per cent.
The broad-based S&P CNX Nifty of the National Stock Exchange (NSE) closed above the 4,900-mark, for the first time, at 4,932.20 from previous close of 4,837.55. It logged a new all-time trading high of 4,941.15.
Market also got support from hectic short-coverings by operators and retail investors ahead of the expiry of Futures.