Sensex surpasses 12,000 mark
BSE index covered the 1,000-pt journey in just 16 trading sessions on the back of software, cement and steel shares.india Updated: Apr 22, 2006 16:32 IST
The nearly parabolic climb of the stock market benchmark Sensex on Thursday saw the index crossing 12,000 points for the first time, covering the last 1,000 points in a quick 16 sessions.
Reliance Industries, the second heaviest on the Sensex after Infosys, contributed a whopping 250 points or 25 per cent to the 1,000 point rally. Infosys, Tata Steel (both 113 points) and ITC (85 pts) were the other major supporters.
In the process, RIL scrip almost reached the four digit mark at Rs 999.95 on brisk buying by funds triggered by reports that the company had struck a one billion barrel oil well in the KG basin. It closed at Rs 994.90, up Rs 74.05.
Besides excellent Q4 results of corporates, the upgradation of India's credit rating from stable to positive by global rating agency Standard & Poor's also positively influenced the trading sentiment.
The BSE Benchmark 30-share Index (Sensex) touched a new high of 12,053.74 before ending at 12,039.55, a net gain of 144 points or 1.21 per cent over the previous close.
The wide-based National Stock Exchange index Nifty too recorded a new closing peak of 3573.50 points by adding 37.65 points. It also touched an intra-day high of 3578.35.
Oil and gas, metal and FMCG sectors remained the fancy of investors on Thursday.
During the current rally, segment wise stocks also shone bright with metals index spurting by 33 per cent, oil and gas index by 17.7 per cent, IT index by 7.2 per cent and FMCG index by 9.3 per cent.
The maiden public issue of RPL, a subsidiary of Reliance Industries, also impacted the market sentiment, which was oversubscribed by 31 times hours before close of the issue on Thursday.