Sensex's new landmark a great show: brokers
Jubilant over Sensex breaching 15,000 mark in the intra-day trade on Friday, brokers say it is good news.business Updated: Jul 06, 2007 17:45 IST
Jubilant over Sensex breaching 15,000 mark in the intra-day trade on Friday, brokers said it was a "great news" as the market went up despite expectations of some correction after DLF's listing on Thursday
Sensex finally closed below 15,000 level at 14,957 points gaining 95 points over the last close as per the provisional figures available on the Bombay Stock Exchange (BSE).
"Sensex crossing 15,000 mark is not just a psychological level but a very good news that even after issue of the size of DLF hitting the market it can happen," Karvy Stock Broking's Head of Equity Research T S Harihar said.
"There was concerns that post DLF listing there will some downside," Harihar said, adding that "the market at 15,000 was not overvalued with a price to earning (PE) ratio of 17.5 to 18 per cent with corporates showing more than 20 per cent profit.
"The 15,000 level on Sensex makes one feel jubilant and even at this level, sector-wise it is worth hanging on," BSE Member Madhukar Sheth said, adding that some sectors had moved up faster than Sensex while others had underperformed.
"BSE Banking and Capital Goods sector indices have gone faster while construction has performed at par with Sensex, and FMCG, healthcare and lately auto sectors were the under-performers," Madhukar said.
Metal index has performed in line with the Sensex while IT sector has been lagging behind. Midcap and Small cap scrips performed at par with Sensex with the Small cap index touching a new high today while the Midcap was hovering near the top.