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Sensex, Nifty scale new heights on waves of liquidity

business Updated: Oct 13, 2007 13:36 IST
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Both the key indices - the benchmark Sensex and the Nifty - this week scaled new heights on day-to-day basis, boosted by sustained FII inflows amid some flutter created by political developments.

Initially, the stock market received a setback following growing differences between the Congress and the Left on the nuclear deal but both the parties later agreed to resolve the issue indicating peace on political front.

The benchmark Sensex could achieve the new milestone of 18K and proceed further to an all-time high of 18,844.62 only after the worries about mid-term poll petered out.

The Sensex completed the fastest 1,000-point journey in two days as peace prevailed on political front with a surfeit of liquidity from FII inflows as well as strong global cues and expectations of robust earning season providing impetus to the bullish bourses.

The 30-share Sensex, however, trimmed its gains at the weekend and ended the week at 18,419.04, netting a rise of 645.68 points or 3.63 per cent over last weekend's close of 17,773.36 due to heavy profit sales from domestic players.

In an unprecedented eight straight weekly rallies, the Sensex has risen by 4,277.52 points or 30.25 per cent.

Similarly, the broad-based S&P CNX Nifty of the National Stock Exchange (NSE) gyrated widely 5,549.30 (historic high) and 5,000.95 before ending the week at 5,428.25 from previous weekend's close of 5,185.85, a net gain of 242.40 points or 4.67 per cent.

The market was undeterred even by disappointing second quarter results released by Infosys Technologies yesterday.