Sensex gains 243 points,inches closer to 18,000

After over two years,the fabled Sensex is set to cross the 18,000 mark for the first time. The Sensex which gained an impressive 243-point gain to scale a fresh two-year high on aggressive buying in blue-chip stocks like RIL,ICICI Bank and Bharti Airtel,closed at 17,935.68 points on Monday,its best closing since February 19,2008 8212; and just 65 points away from the 18,000 level. Stocks surged in early trade and never lost the momentum as the global cues were firm too. US markets settled at 18-month highs on April 1 and some Asian markets zoomed to 19-month highs in Monday8217;s trade buoyed by an upbeat US job data. The NSE8217;s 50-share Nifty Index rallied 1.47 per cent to settle at 5,368.40 points,its best since February 2008.

Foreign funds have invested around 4.4 billion in Indian stocks so far this year,of which most of the inflows came in March. On Monday,FIIs invested over Rs 766 crore. Marketmen said buying got a boost as there is an all-round optimism that India Inc would post impressive fourth quarter earnings. The Sensex will cross 18,000 in the next two days unless global cues prevent this. Economic recovery,FMs comments on improvement in GDP,earning expectations and no negative reason for the market correction led to market rally, said Kishor P Ostwal,CMD,CNI Research Ltd. Leading the rally,Reliance Industries,which carries the maximum weight in Sensex,gained 2.88 per cent at Rs 1,125,above its January 14 high of Rs 1,120.85.

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RUPEE AT 19-MONTH HIGH

MUMBAI: Making exporters jittery and importers happy,the Indian rupee strengthened to a 19-month peak on Monday as stock markets closed at their highest level in 25 months,and accumulated dollar inflows from holidays last week boosted the sentiment. The Indian currency ended at 44.44/45 per dollar,more than 1 per cent stronger than Wednesdays close at 44.89/90. It had touched an intraday peak of 44.43,its strongest since Sept 8,2008. The rupee has appreciated nearly 4 this year,Asias best performance after Malaysias ringgit. ENS