Sensex sets new peak over 18K
Sensex on Tuesday zooms past the 18,000-point mark for the first time, aided by the single-largest gain of 789 points.business Updated: Oct 09, 2007 18:34 IST
The stock market benchmark Sensex on Tuesday zoomed past the 18,000-point mark for the first time, aided by the single-largest gain of 789 points, due to aggressive buying by funds and rally in blue chip stocks led by Reliance Industries.
The 30-share BSE index covered the last 1,000-point journey in the second-fastest period of 9 days. The fastest 1,000-point rally was when the Sensex rallied from 16K to 17K.
Today's rally was dominated by the companies belonging to both Mukesh Ambani and Anil Ambani.
The market, which was in bear-grip for the last three trading sessions turned volatile and registered a record largest one-day gain of 788.85 to close at a new peak of 18,280.24, after the government and the Communist parties met on Tuesday to iron out differences over a nuclear energy accord with US.
"Liquidity continued to trace momentum plays in Asia," Citigroup Inc said in a note to clients on Tuesday. China, Hong Kong and India - the three best-performing markets last month - remained major beneficiaries of record inflows to this region, market players said.
Net cash taken in by these three markets added up to 952 million dollar last week, which is three times the amount put into other country funds, they said.