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Sensex within kissing distance of 13K

The sensex continues its race towards the 13,000-point milestone, writes Srinivasalu Reddy.

india Updated: Oct 17, 2006 03:09 IST

The sensex continues its race towards the 13,000-point milestone. On Monday, it closed at 12,928 points — itself a new all-time closing high. The NSE's Nifty also rallied by 47.90 points to close at 3,723.95.

Backed by better than expected quarterly results from corporates, the Sensex reached a new peak for the second consecutive day. The euphoria was, however, seen only in frontline stocks. Mid-cap and small-cap stocks have participated only marginally in this rally. According to BSE data, while bank, consumer durables and FMCG sector stocks have led the rally, auto, pharma and PSU stocks have lagged behind.

Market analysts exuded optimism. "Although a consolidation in the market is expected, even the derivatives segment is not sending any negative signal," said Utpal Choudhury, a derivatives analyst with IDBI Capital Market Services.

Sharmila Joshi, assistant vice-president, Asit C Mehta Investment Intermediates, said: "The broad indications are that the market sentiment will continue to be good."

VK Sharma, head of research, Anagram Securities, however, warned, "From here on, it will be the sheer play of greed and fear in the market. But retail investors are unlikely to be hit as they hardly participated in the current rally."