The Hindu : Business : Sensex crosses 18000-mark

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Wednesday, Oct 10, 2007
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Business

Sensex crosses 18000-mark

Oommen A. Ninan

Markets ignore political uncertainty

— PHOTO: PTI

ANOTHER MILESTONE: Stock brokers look on as the Bombay Stock Exchange sensitive index crossed the 18000-mark in Mumbai on Tuesday.

MUMBAI: While political uncertainty looms large, the stock indices ignored all such eventualities as the benchmark Bombay Stock Exchange 30-share sensitive index (Sensex) zoomed past the 18000-mark on Tuesday with the largest single day gain of 788.85 points. This is the second fastest 1,000-point journey, the period being nine trading sessions. The fastest 1,000-point rally was recorded when it moved from 16000 to 17000 in six trading sessions on September 26.

After a dull start, the bluest of the blue chip stocks led the rally and the Sensex closed at a new peak of 18280.24, up 4.51 per cent. The 50-share Nifty gained 242.15 points at 5327.25, up 4.76 per cent.

While oil and gas and the information technology stocks gained in the rally, capital goods stocks such as BHEL and L&T made handsome gains. TCS, Infosys, Satyam and Wipro made gains, expecting good quarterly results, despite rupee appreciation against the U.S. dollar. The rally witnessed in oil and gas stocks were led by index heavy weight, Reliance Industries which gained 185 points. Among other Reliance group companies, Reliance Energy gained 104 points and Reliance Communications 93 points. Tata Steel gained 42 points and NTPC 39 points.

In a broad-based rally, buying was also seen in metal, realty, telecom and automobile stocks.

All sector indices on the BSE closed above 2 per cent. The BSE small cap index closed up 2 per cent at 8976.76 and the Midcap index at 7398.70, up 2.6 per cent.

The biggest gain was recorded by the oil and gas index which gained 7 per cent to close at 10435.17. The Realty index closed the day at 9750.40, up 467.18 points, or 5.03 per cent. The BSE IT index was up by 2.5 per cent at 4890.18 and the Bankex by 3 per cent at 9273.41. The BSE Metal index rose by 4 per cent to close at 14080.93. The Capital Goods index was up 3 per cent at 15934.44. The BSE Auto index closed at 5428.34, up 3 per cent and the FMCG index at 2148.05 (2.8 per cent).

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