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Sensex, Nifty at new high

by praveen
September 28th, 2007

BSE Benchamark Settles Above 17,000, Nifty Leaps To All-Time High of 5000
The stock market frenzy continued on Thursday with benchmark BSE sensex closing above the 17k-mark and NSE Nifty breaching the 5,000 level for the first time ever as strong buying by foreign funds in IT and metal shares. The sensex ended at a new peak of 17,150.56 with a gain of 229.17 points or 1.35%, while the NSE’s 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 in Wednesday, but it had closed lower at 16,921.39. After opening firm at 17,059.61 on Tjursday, the sensex touched a record intra-day high of domestic retail investors were seen buying heavly into metal and IT, pushing the two sector indices by over 3%.

Tata Steel, Infosys, Satyam, TCS, Wipro, SBI, BHEL, HDFC, HDFC Bank, ONGC and REL were among the prominent gainers. Heavy weight Reliance, Ranbaxy, Hindustan Unilever, RCom and Grasim ended lower. The rally was largely confined to frontline counters as the derivatives series registered a market-wide rollover of over 70% at the concluding day of September contaract.

Boosted by strong FII inflows, which has crossed $11 billion since the beginning of this year, traders rolled over their positions to the October F&O series, while making fresh commitments in the cash segment as well, market players said. They, however, expected a fall soon, talking a cue from heavy profit selling in the mid-cap and small-cap segments. “Market corrections are healthy in the sense that it cleanses the froth in the system. But it must be borne in mind that corrections have been swift but the up move has been even swifter and the markets have recouped their losses sooner than later,” Enam Securities economist Sachchi danand Shukla said. Mean while. the rupee ended barely changed 39.71/72 against the US currency as it lost early gains after RBI’s intervention.

The local currency moved in a wide range of 39.62 and 39.90 after resuming firm at 39.66/68 from previous close fo 39.70/71 per dollar.

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