Sensex regains 20k level, Nifty crosses 6,000

SOURCE :Press Trust Of India:hindustan times:Mumbai, September 21, 2010 09:42 IST(21/9/2010)


The BSE benchmark Sensex shot up by over 135 points to regain the magical 20,000-level in the opening trade today for the first time since January 17, 2008, on spurt in buying of oil and gas, capital goods and banking sector stocks. 


The 30-share index of the Bombay Stock Exchange surged by 135.42 points to 20,041.52 in the opening trade, for the first time since January 17, 2008. All the sectoral indices were trading with gains up to 1.30 per cent.




Similarly, the wide-based National Stock Exchange also crossed the crucial 6,000 points to trade 36.40 points higher at 6,016.85 points.


Both indices have regained these levels after almost 32 months. Analysts said sustained inflows of overseas funds, bolstered by fast expanding economy, helped indices to touch the 32-month high.

20,000 not a big deal for Sensex: Analysts

Source :MUMBAI:14 SEP, 2010, 03.11PM IST,PTI, & ET


With the BSE benchmark Sensex breaching the 19,000-level and still going strong, analysts believe that Indian markets have entered a bull phase and persistent FII inflows may push the index past the 20,000-mark in the coming days. 

"Investors are sitting on huge cash piles and as the market is rising, they cannot sit sideways for long. A large chunk of cash is coming in the market and in such a scenario, hitting the 20,000-mark seems easy," CNI Research CMD Kishore Ostwal said. 

"By October the Sensex is likely to cross the 20,000-mark and by November, I see it at the 21,000-level," Ostwal added. 

The Sensex had touched an all-time high level of 21,206 in January, 2008, a year that saw the benchmark index of the Bombay Stock Exchange record an over 80 per cent jump. 

Echoing a similar opinion, Network Stock Brokings Head of Institutional Sales & Strategy Prakash Diwan said hitting the 20,000-level would not be a big deal in the coming days. 

"The market is driven by strong liquidity and FII inflows are expected to continue in the local stock market. Hitting the 20,000-level by Sensex would not be a big deal. Soon the Sensex will be able to reach that level," he said. 

Yesterday, the Sensex zoomed by more than 408 points to cross the 19,000-level for the first time in 32 months. 

"Investors have faith in the India growth story and in the coming days, the Sensex will touch new highs," Diwan added. 

The index has risen 122.3 per cent so far this year, from a low of 8,701.07 in October, 2008, on account of the global economic crisis. 

"I do not see any reason why markets should not move up. It is a liquidity-supported rally and unabated FII inflows would further push local markets," SMC Global Securities Equity Head Jagannadham Thunuguntla said.

"India is one of the hot spots for overseas investors and those fund houses, which were still watching the situation, now are interested to pick up local stocks as global equities are rebounding," Thunuguntla added. 

The Sensex took just five days to reach the 19,000-level from the 18,221.43 mark. On September 3, the index had settled at 18,221.43. 

Three banking stocks -- SBI, ICICI Bank and HDFC -- accounted for about 70 per cent of the Sensex's rise from 18,000 to 19,000. 

"Banks are on a rising streak on optimism that lending will pick up in a fast-growing Indian economy and that they are well capitalised," IIFL Vice-President (Research) Amar Ambani said. 

"Banking stocks jumped as regulators gave firms more time than expected to meet capital requirements (the Basel norms)," another analyst added. 

However, equity analysts did not rule out a correction in the markets, as they felt stocks are overvalued. 

"Investors should take cautious approach about the market this time. A fall from this high cannot be ruled out," Unicon Financial CEO Gajendra Nagpal said. 

The BSE benchmark Sensex was up by 153.39 points at 19,361.72 today, with just an hour left before the close of trade.

Sensex regains 19,000-level after 33 months; up 328 points

SOURCE : PTI :   MUMBAI, September 13, 2010     

    

Having surged past the psychological 19,000 points level in early trade today, the Bombay Stock Exchange benchmark Sensex was up by over 328 points at mid-session on heavy buying by funds

Having surged past the psychological 19,000 points level in early trade today, the Bombay Stock Exchange benchmark Sensex was up by over 328 points at mid— session on heavy buying by funds enthused by robust industrial output growth amid a firming global trend.

Attaining a level last seen in January, 2008, the Sensex was trading higher by 328.94 points, or 1.70 per cent, at 19,128.60 at 1230 hours. The 30—share BSE index had gained 133 points in the previous session.

Similarly, the broad—based National Stock Exchange index Nifty crossed the 5,700 points level by adding 97 points to 5,737.05.

Stocks of capital goods segment are attracting strong demand after reports that industrial output grew at a faster pace in July.

Bank, refinery and metal stocks are also participating in the rally, amid upbeat investor sentiment about the prospects of the country’s economy recovering at a faster pace.

A firming trend in the Asian region, led by Japan’s Nikkei index, further bolstered the market sentiment here.