Sensex, Nifty end above psychological levels
The benchmark indices Sensex and the Nifty closed past 20K and 6K levels respectively for the first time ever, and scaled new peaks in the week under review amid weak global cues.business Updated: Dec 15, 2007 13:33 IST
The benchmark indices Sensex and the Nifty closed past 20K and 6K levels respectively for the first time ever, and scaled new peaks in the week under review amid weak global cues.
The market was strong throughout on the back of a smart rally in small-cap and mid-cap shares on day-to-day basis as investors shifted their focus to these segments, which provide better investment opportunity.
The small-cap and mid-cap indices too, touched new closing peaks on sustained investment buying.
Frontline stocks, however, were under pressure as Foreign Institutional Investors (FIIs) booked profits in the high- priced segment, valuations of which seemed stretched.
Considering the Sensex's slide below 20K mark on Friday from the Thursday's all-time intra-trade high of 20,498.11 and weakness in global markets, a further downward correction is not ruled out, according to market players.
Finally, the Bombay Stock Exchange barometer, Sensex, ended the week at 20,030.83, a net gain of 64.83 points or 0.32 per cent, over previous weekend's close of 19,966.
Similarly, the broad-based S&P CNX Nifty of the National Stock Exchange also hit an all-time high of 6,185.40 before ending the week at 6,047.70 from last weekend's close of 5,974.30, a net rise of 73.40 points or 1.23 per cent.
The US Federal Reserve's decision to lower interest rates by 25 basis points helped the market sentiment to some extent even though its had already been factored in and the market expected a cut by 50 basis points, analysts feel.
The robust growth in the Index of Industrial Production to 11.8 per cent in October from 4.5 per cent a year ago also helped the Sensex end in positive terrain.