The Bombay Stock Exchange benchmark Sensex zoomed past 17K-mark early on Wednesday morning to 17,025.07 points for the first time in fastest-ever 1,000-point rally, on heavy buying across IT counters.
IT shares, which were badly battered in last few months as rupee rose beyond 40-level against the US dollar, attracted renewed buying support and helped the Sensex to cross another milestone.
The BSE 30-share barometer touched a new life-time peak of 17,025.07 in early trade, up by 125.53 points over on Tuesday’s close of 16,899.54. The journey from 16,000 points to 17,000 points was covered in the shortest span of six days.
However, it later parted gains and was quoted at 16,971.16 at 1030 hrs.
The broad-based S&P CNX Nifty of the National Stock Exchange also struck an all-time intra-day high of 4,977.90 before being quoted at 4,957.30 at 1030 hrs, from previous close of 4,938.85, a rise of 18.45 points.
Metal counters were also in demand while realty shares recovered some of their overnight losses on renewed buying.
Hectic short-coverings ahead of the expiry of September series on Thursday too helped the index rise.
Foreign Institutional Investors (FIIs) continued their buying spree and injected about Rs 7,818 crore, including provisional figure of Rs 1,496.14 crore of Tuesday, since September 19, the day on which the US Fed cut interest rate.