20-Twentied!

Written by Markets Bureau | Mumbai, Oct 29 | Updated: Oct 30 2007, 07:34am hrs
Dalal Street is celebrating Diwali one week early. The 30-share Sensex of the BSE briefly barrelled past the landmark 20-k level on Monday. Buoyed by positive cues from strong Asian markets and firm openings in Europe, the benchmark index touched a new lifetime high of 20,024.87 points before closing the day at 19,977.67 points, surging 734.50 points or 3.82%.

The Sensex took only 11 trading sessions to add another 1,000 points, but witnessed high volatility en route, falling more than 1,700 points, intra-day, and recovering 1,400 points in the same session on October 17. It has continued to climb ever since Sebi cleared the air over participatory notes and allayed the concerns of FIIs.

The broader S&P CNX Nifty of the NSE also hit a lifetime high of 5,922.50 before settling the day at 5,905.90 points, gaining 203.6 points or 3.57%. November Nifty futures closed at 5,918 points, commanding a premium of 12.1 points, indicating that the build-up of long positions in open interest are being witnessed on the market.

Dealers said the market did not expect much from RBIs mid-term review of monetary policy on Tuesday. Gopal Agarwal, senior fund manager, Mirae Asset Global India Ltd, said, The free-float factor in the market has come down and any buying would push the market higher.

On Monday the market breadth of the BSE was positive with 1,579 stocks edging higher, compared to 1,200 stocks that did not advance. Of the Sensex pack, 23 stocks advanced while 7 ended in the red.

PTI adds: Terming signals from stock markets as positive, Prime Minister Manmohan Singh said the India story looks so good and promised to carry forward reforms. Be it FDI flows, investments in stock markets, investments in our knowledge economy, the signals are all positive. We will work to keep these positive, he said at the Fortune Global Forum meet in Delhi.