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Bulls go on rampage, Sensex hits 20K

ibnlive.com
Oct 29, 2007 at 07:03pm IST

Mumbai: The bull run in the Indian markets has achieved another milestone with Sensex hitting the 20,000 mark. Nifty has hit 5,900 levels scoring over a double century. Strength is seen coming from all quarters.

The 30-share BSE Index took just 10 sessions to cover the last 1,000 points on funds buying in heavy-weight stocks, led by Reliance Industries.

The Sensex spurted in the last five minutes of trade to fly past the crucial level and scaled a new intra-day peak at 20,024.87 points before ending at its fresh closing high of 19,977.67, a gain of 734.50 points.

The wide-based National Stock Exchange's Nifty rose to a record high 5,922.50 points before ending at 5,905.90, showing a hefty gain of 203.60 points.

The rally was led by capital good stocks and market major and trend-setter Reliance Industries, which surged to a record Rs 2,844 on funds buying, influenced by a similar trend in other Asian stock markets.

Capital goods index shot up by 1,360.51 points at 19,847.66, followed by oil and gas index by 556.19 points at 11,659.65. Metal index was the third best performer, gaining 445.18 points to 17,189.74, while the bank index rose 376.18 points to 10,649.71.

The Sensex crossed 19,000 mark on October 15. It had crossed 10,000 mark on February 6, 2006 and 15,000 mark on July 6, 2007.

With Monday's landmark, Sensex has joined the 20,000 club whose other members are Hong Kong's Hang Seng, Brazil's Bovespa, Mexico's Bolsa among others.

Hang Seng recently crossed 30,000 mark and today closed at 31,560 points, while Bovespa closed at 64,275 on October 26. Mexico's Bolsa index closed at 32,136 last Friday.

Sensex: Road to 20,000!

Cues from Asia and rest of the equity markets were robust which has helped in such a rally.Asia has ended in green with gains of 1%-3%. Hefty 14 points premium is seen in Nifty futures.

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Top 6 stocks contributed to 90% to the 1000 point rally from 19,000 to 20,000.

L&T and ICICI Bank top contributors with 50% contribution of last 1000 points rally.

Large caps are the clear outperformers. L&T, BHEL, Reliance Petro, Siemens, HDFC, HDFC Bank are among the star performers.

Broader markets have also participated in the uptrend both the midcap and smallcap indices are each up nearly 2%.

On the corporate front, Maruti came out with numbers largely inline with street expectations.

Capital goods, banking, metal and realty stocks are in focus. Market breadth is positive with impressive volume. All the key indices are trading in green and there was no loser in Sensex scrips today.

BSE capital good index has raced ahead and is up 7% followed by BSE metal, oil & gas and banex each up over 3%

L&T is up 10%, BHEL is up 7%, ONGC up 6.5%, HDFC Bank & RPL up 6%, Maruti up 5% are among the top performers on the indices.

1000:.......................July 25, 1990

2000.......................January 3, 1992

3000.......................February 29, 1992

4000.......................March 30, 1992

5000.......................October 8, 1999

6000.......................February 11, 2000

7000.......................June 20, 2005

8000.......................September 8, 2005

9000.......................November 28, 2005

10000.......................February 6, 2006

11000.......................March 21, 2006

12000.......................April 20, 2006

13000.......................October 30, 2006

14000.......................December 5, 2006

15000.......................July 6, 2007

16000.......................September 19, 2007

17000.......................September 26,2007

18000.......................October 9, 2007

19000.......................October 15, 2007

20000.......................October 29, 2007

(With PTI inputs)

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