Sensex ends above 17,000, Nifty tracks speed record
The stock market frenzy continued on Thursday with the BSE’s benchmark Sensex closing above 17,000 and the NSE’s Nifty breaching the 5,000 level for the first time, reports Vyas Mohan.business Updated: Sep 27, 2007 20:43 IST
The stock market frenzy continued on Thursday with the Bombay Stock Exchange’s (BSE’s) benchmark Sensex closing above 17,000 and the National Stock Exchange’s Nifty breaching the 5,000 level for the first time, on strong buying support from foreign funds in infotech and metal shares. The Nifty took 203 trading sessions to scale 1,000 points from 4,000 to 5,000, against 213 days taken by the index to climb from 3,000 to 4,000 points.
The 30-share Sensex ended at a new peak of 17,150.56, registering a gain of 229.17 points, or 1.35 per cent, while the Nifty settled 60.05 points up at a life-time high of 5,000.55.
The Sensex had breached the 17,000 level for the first time on Wednesday, but it had closed lower at 16,921.39. After opening firm at 17,059.61 on Thursday, the Sensex touched a record intra-day high of 17,188.40.
Overseas funds as well as domestic retail investors were seen buying heavily into metal and infotech large-caps, pushing the two sector indices by over three per cent.
Tata Steel, Infosys, Satyam, Tata Consultancy Services, Wipro, State Bank of India, Bharat Heavy Electricals Ltd, Housing Development and Finance Corporation, HDFC Bank, Oil and Natural Gas Corporation and Reliance Energy Ltd were among the prominent gainers.
The rally was largely confined to frontline counters as the derivatives series registered a market-wide rollover of over 70 per cent at the concluding day of September contract.