Sensex tops 18k in record-breaking session

Signs of a possible rapprochement between the Congress-led UPA government and Left parties over the Indo-US nuclear deal pitchforked the 30-share Sensex of the BSE to record-breaking highs. The Sensex surged a whopping 788.85 points?or 4.51%?to close the day well above the 18-k mark at 18,280.24 points, registering its highest-ever absolute, single-day gain and also its biggest intra-day gain of 1,040.23 points. The Sensex soared to an all-time high of 18,327.42 points from the day?s low of 17,287.19 points.

Written by Markets Bureau

October 10, 2007 00:00 IST

The Sensex surged a whopping 788.85 points?or 4.51%?to close the day well above the 18-k mark at 18,280.24 points, registering its highest-ever absolute, single-day gain and also its biggest intra-day gain of 1,040.23 points. The Sensex soared to an all-time high of 18,327.42 points from the day?s low of 17,287.19 points.

The Sensex has already added a hefty 4,338 points in calendar 2007 so far. The benchmark index took just eight trading sessions on its journey from 17k to 18k, its second quickest 1,000-point rally, mainly contributed by RIL, Infosys, L&T, REL, RCom, Bharati & Bhel.

The broader S&P CNX Nifty of the NSE ended the day at 5,327.25 points, gaining 242.15 points, or 4.76%, its highest-ever single-day gain.

Sreesankar R, head of research, IL&FS Investsmart, said, ?The easing of political uncertainty at the Centre buoyed sentiment on the market. In the last few days, investors, expecting the political crisis to worsen, had gone short, which they were forced to cover on Tuesday, helping the Sensex and Nifty touch new peaks. A good amount of institutional buying was seen in the last couple of trading sessions providing immense liquidity to the market.?

According to provisional data released by the stock exchanges, FIIs were net buyers to the tune of Rs 1,416.72 crore of domestic equity on Tuesday. FII investment in calendar 2007 has crossed $14.54 billion.

Unlike the Sensex?s journey from 16k to 17k, the market witnessed a broad-based rally on Tuesday, with participation from side counters as well. At the BSE a total of 1,784 stocks gained ground, compared to 933 stocks that declined. Among sectoral indices, the BSE Oil & Gas was the biggest gainer, surging 637.52 points, or 6.51%, at 10,435.71 points, mainly led by RIL, which rose by Rs 183.50, or 7.59%, to close at Rs 2,600.45.

According to data compiled by FE?s research department, the total M-Cap of the BSE gained Rs 2.11 lakh crore on Tuesday to touch at Rs 54.49 lakh crore.n Also see C&M-I

This article was first uploaded on October ten, twenty seven, at zero minutes past twelve in the am.