The Hindu : Business : Sensex crosses 12000-mark

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Friday, Apr 21, 2006

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Business

Sensex crosses 12000-mark

Last 1000 points gained in 16 sessions; S&P rating influences sentiment

SENSATIONAL: A stock broker looks at the Sensex graph during trading session as the index touches an all-time high on the Bombay Stock Exchange on Thursday. — Photo: Paul Noronha

MUMBAI: The Bombay Stock Exchange benchmark Sensex on Thursday closed past the 12,000-mark for the first time, covering the last 1,000 points in a quick 16 sessions.

Reliance Industries, the second heaviest in the Sensex after Infosys, contributed a steep 250 points or 25 per cent to the 1,000 point rally. Infosys, Tata Steel (both 113 points) and ITC (85 points) were the other major supporters.

In the process, RIL scrip almost reached the four-digit mark at Rs. 999.95 on brisk buying by funds triggered by reports that the company had struck a one billion barrel oil well in the KG basin. It closed at Rs. 994.90, up Rs. 74.05. Besides excellent fourth quarter results of corporates, the upgradation of India's credit rating from stable to positive by global rating agency Standard & Poor's also positively influenced sentiment.

The BSE benchmark 30-share index (Sensex) touched a new high of 12,053.74 before closing at 12,039.55, a net gain of 144 points over the previous close. Nifty too recorded a new closing peak of 3573.50 by adding 37.65 points. It also touched an intra-day high of 3578.35.

Oil and gas, metal and FMCG sectors remained the fancy of investors.

During the current rally, segment-wise stocks also shone bright with metals index spurting by 33 per cent, oil and gas index by 17.7 per cent, IT index by 7.2 per cent and FMCG index by 9.3 per cent.

The maiden public issue of RPL, a subsidiary of Reliance Industries, also impacted sentiment which was oversubscribed by 31 times hours before close of the issue on Thursday. Meanwhile, the government has said that there was no fear of a stock bubble in the capital market. — PTI

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