15 day spike puts Sensex at 20K-mark

The pace of gains accelerated after the release of July IIP data,analysts said. Boosted by unexpected industrial production growth of 13.8 per cent in July,the Sensex gained 176 points in just one day,quickening the climb.

The NSE Nifty,on the other hand,took approx 80 trading sessions to travel from 5,000 to 6,000 level.

The Sensex today shot up by over 135 points to regain the magical 20,000-level in the early trade for the first time since January 15,2008,when it had closed at 20,251 points. The Nifty also hit a high of 6,032 points today.

“Almost every day,Indian markets are hitting new highs. Investor sentiment is buoyant and it is supporting the rally. If everything will be fine overseas,I do not see any hurdle for Sensex to hit its all time high in coming days,” Sharekhan Fund Manage Suhas Samant said.

Market has been on a rising spree throughout September,on the back of unabated inflows from the overseas funds.

During this month itself,foreign funds have invested a whopping Rs 12,442 crore (USD 2.67 billion) in the Indian stock market,as per the data available with market regulator Securities and Exchange Board of India (SEBI).

Their total investment,so far in this year,has crossed over Rs 71,000 crore (USD 15.6 billion) and analysts believe that inflows will soon breach the record-figure achieved in 2009. Last year,Indian stock market attracted record inflows of Rs 83,400 crore,a period when the Sensex recorded a gain of over 80 per cent.

So far in this year,the Sensex has gained 15 per cent to reach the high of 20,088.96 points today.