The Hindu : Business : Sensex forges ahead by 518 points

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Thursday, Oct 04, 2007
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Sensex forges ahead by 518 points

Special Correspondent

Realty, power, oil and gas and IT stocks rally

MUMBAI: In a highly volatile trading on Wednesday, stock market indices closed at all time highs. While the benchmark Bombay Stock Exchange 30-share sensitive index (Sensex) closed up 518.42 points or 2.99 per cent at 17847.04, the 50-share Nifty closed up 141.85 points or 2.80 per cent at 5210.80. In intra-day, the Sensex slipped below the 17300-mark and hit an all time high at 17953.07 in early after noon-trade.

The realty, power, oil and gas and IT stocks led the rally while select pharmaceutical and cement stocks witnessed selling pressure. However, the Asian stocks, showed a mixed trend as Hong Kong’s Hang Seng was down by 2.55 per cent at 27479.94 and Singapore Straits Times by 1.03 per cent at 3754.62. Taiwans Weighted was up by 0.8 per cent at 9700.71 and Japan’s Nikkei by 0.9 per cent at 17199.89. Foreign institutional investors (FIIs) bought shares worth (net) Rs. 1721.74 crore last Monday, according to provisional data.

The Indian stock market indices were witnessing new highs from September 19, when the U.S. Federal Reserve cut rates by 50 basis points. Hopes of further cut in interest rates by the Federal Reserve in its next policy meeting at end-October boosted sentiment in the domestic market.

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