Bulls return: Sensex touches 10,000 mark
After touching 10K, the BSE Sensex closed higher by 339.45 pts at 9884.51 on emergence of buying by funds.india Updated: Jun 17, 2006 17:16 IST
A strong global rally coupled with increased retail participation propelled the country's stock market higher for the second straight day, as the benchmark Sensex gained another 339 points to end at 9,884.51.
Euphoric conditions were evident from the Bombay Stock Exchange (BSE) 30-share sensitive index's (Sensex) 955 points journey in two trading sessions -- its fastest.
The Sensex breached the 10K mark to touch the intra-day high of 10,118.28 after opening strong at 9,703.06 as the upbeat mood gathered momemtum.
However, it trimmed the gains partly on profit booking by day-traders and ended the day at 9,884.51 from last close of 9,545.06, a net rise of 339.45 points or 3.56 per cent.
The National Stock Exchange's (NSE) S&P CNX Nifty too jumped by 91.55 points or 3.27 per cent to 2,890.35 from previous close of 2,798.80.
Increased participation by retail investors could be gauged by improved volume of business during the day.
Operators were believed to be hectically covering short positions in the derivatives for the last couple of days.
Foreign Institutional Investors (FIIs) too made fairly heavy purchases in the cash segment, market players said.
The markets sustained upward march primarily because of consistent buying in blue chip counters as well as bullish trend in Asian markets.
The Dow Jones Industrial Average notched its second straight triple-digit point gain, rising 198.27 points and the Nasdaq Composite Index advanced 58.15 points.