The Hindu : Front Page : Sensex breaches 17000-mark

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Thursday, Sep 27, 2007
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Sensex breaches 17000-mark

Special Correspondent

Banking, IT stocks lead the rally; realty and oil and gas shares witness selling

— PHOTO: PAUL NORONHA

ELATED: Stock dealers are delighted as the Bombay Stock Exchange’s benchmark index Sensex crossed the 17000-mark in Mumbai on Wednesday.

MUMBAI: In volatile trading, led by banking and information technology (IT) stocks, the benchmark Bombay Stock Exchange (BSE) 30-share sensitive index (Sensex) moved past the 17000-mark several times on Wednesday, but failed to sustain above the psychological barrier and closed at 16921.39. However, realty and oil and gas stocks were trading under pressure due to selling.

Since the rate cut by the U.S. Federal Reserve by 50 basis points last week, the Indian stock prices were surging ahead as the foreign institutional investors (FIIs) re-started investing their funds in Indian stocks. The FIIs have pumped in Rs. 14,639 crore ($3.66 billion) in the last five days.

The Sensex went past the 16000-mark with an inflow of $608.60 million on September 19.

The FII investments of $11.013 billion in Indian stock markets so far this year have surpassed the previous record of $10.792 billion in 2005. Last calendar year, FIIs invested $7.805 billion. The total FII investment in the Indian stock market is $60.107 billion since they were allowed to invest in Indian stock markets in 1992. This month alone, so far, the FIIs invested $2.734 billion.

The Sensex closed up 21.85 points on Wednesday at 16921.39, and the 50-share Nifty was up by 1.65 points at 4940.50. The BSE Midcap index closed at 7352.62, up 0.54 per cent, and the BSE Smallcap index at 9029.34, up 0.7 per cent. While the BSE Oil and Gas index closed flat at 8260.71, the BSE IT index was up 2 per cent at 4470.56. The BSE Bankex was up one per cent at 8038.07.

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