Sensex only 85 points away from 7,000-mark

Dalal Street has started the countdown for the 7,000-mark. The benchmark 30-share Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE...

Dalal Street has started the countdown for the 7,000-mark. The benchmark 30-share Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) marched ahead for the fifth consecutive day and again set a record by closing above 6,900 for the first time.

Sensex gained 36.11 points or 0.52 per cent on Tuesday to close at 6,915.09 after hitting an all-time high of 6929.59 intra-day. “The index is just 85 points away from the magical 7,000-level. It will hit this level in a day or two. But the market seems to be in an overbought position,” said a BSE dealer. The rally was hugely aided by selective buying in the banking, metal and cement sectors that kept the index hovering around the 6,900-mark for most part of the day.

The total market capitalisation (M-cap) of BSE moved up 0.66 per cent from Rs 16,74,921 crore on Monday to Rs 16,85,943.5 crore on Tuesday.

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The broader 50-share S&P CNX Nifty of the National Stock Exchange (NSE) touched a new high of 2,173.85, before closing at 2,168.95, up 8.85 points.

Analysts say investors are building up positions on high expectations. “Investors are now eyeing the 7,000-mark and hence the markets are witnessing a lesser amount of profit-booking. However, the coming days will witness high volatility as a correction is due,” said Kanan Shah of Networth Stock Broking.

The correction might happen after crossing the 7,000-mark, dealers said. Among the Sensex constituents, pharma counters like Cipla, Dr Reddy’s Laboratories and Ranbaxy witnessed buying interest moving up in the range of 3-4 per cent each. The BSE Health Care index outperformed other sectoral indices gaining 40.15 points (1.51 per cent) at 2,705.31.

Banking stocks were once again in the limelight on Tuesday, as Bank of India (up 6.13% at Rs 114.25), Andhra Bank (up 11.12 at Rs 118.90), Vijaya Bank (up 5.91% at Rs 74.40) and Bank of Rajasthan (up 6.22% at Rs 70.85) all ended the day posting handsome gains. The Bankex hit a new all-time high for the second consecutive day on Tuesday.

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Metal counters too witnessed heavy buying interest as BSE Metal touched a new high of 6,938.64, before closing at 6,925.18, gaining 80.79 points. Nalco (up 8.52% at Rs 190.50) and Hindustan Zinc (up 1.49% at Rs 184) ended the day in the black.

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