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Tuesday, July 17, 2018

Sensex closes above 10,000 mark

After a gap of 3 months,Sensex regained the 10,000 point level in pre-close trade on Thursday.

Written by Agencies | Mumbai | Published: March 26, 2009 4:38:47 pm

After nearly three months,the Bombay Stock Exchange benchmark Sensex regained the 10,000 point level on Thursday as speculators indulged in covering their pending positions amid firming overseas trends.

The Sensex,which has been on a four-day winning streak,added 335.20 points,or 3.47 per cent,to end at 10,003.10,a level last seen on January 5,as major market players and speculators indulged in covering their pending positions on expiry of monthly settlements in derivatives.

Buying also picked up following reports of better-than-expected US economic data,and increased new home sales eased concerns on the economic crisis getting worse.

The Sensex touched the day’s high of 10,061.36 and a low of 9,739.93 points amid choppy trading activity.

Similarly,the 50-share National Stock Exchange index Nifty tested a three-month high of 3,100 points before ending with a gain of 97.90 points at 3,082.25. It moved between 3,103.35 and 2,982.25 points during the day.

Trading sentiment got support from reports of a further decline in inflation at home. Inflation was down to 0.27 per cent for the week ended March 14 from 0.44 per cent in the previous week.

Marketmen said surprisingly strong US economic data,which sparked hopes of a recovery in the global economy and short-covering in monthly derivatives contracts that expired on Thursday,remained the driving force behind the rally.

They said the four-day upward march in the market created over-bought positions and traders adjusted their pending positions on expectations of better times ahead.

With buying spread widely,all the sectoral indices except realty ended with notable gains. The major support to the market came from capital goods,which rose 5.42 per cent to end at 6,425.38.

The power index was the second-best performer,rising 4.02 per cent to 1,883.13,followed by the metal index,which was up 3.97 per cent to 5,827.32.

The bank index was higher by 3.38 per cent to 4,706.22 after inflation fell to its lowest level in more than 30 years,giving the central bank more room to cut interest rates and prop up the economy.

The IT index rose by 3.29 per cent to 2,361.21,the teck index by 3.25 per cent to 1,871.62,the auto index by 3.03 per cent to 3,001.22,the PSU index by 2.74 per cent to 5,286.13,and the FMCG index by 2.67 per cent to 2,025.53.

The oil and gas index rose by 2.42 per cent to 7,190.66,the consumer durable index by 2.26 per cent to 1,583.07 and the healthcare index by 1.21 per cent to 2,672.86.

The midcap index rose by 1.16 per cent to 2,874.22 and smallcap index by 0.69 per cent to 3,187.34.

However,the realty sector index fell by 4.54 per cent to 1,614.94 as speculators wound up their fresh positions. The sector had gained over 6 per cent on Wednesday.

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