Sensex ends above 17000 after 16 months; Bankex up 4 per cent
30 Sep 2009
The Sensex closed above the 17000 mark for the first time since May 21, 2008. The Nifty was just sniffing distance away from the 5600 level. The BSE bankex outperformed all the other sectoral indices; it was up nearly 4%. Strong buying was seen in metals, auto, realty, capital goods, IT, power and oil & gas stocks.
Reliance, Infosys, ICICI Bank, Wipro, L&T, SBI and HDFC were the positive contributors to the bourses while ITC, Bharti Airtel, ONGC, Power Grid and GAIL were the negative contributors.
The Sensex ended up 273.93 points or 1.63% at 17126.84. It touched an intraday high of 17,142.52 and an intra day low of 16,868.46.
The Nifty closed up 77.10 points or 1.54% at 5083.95. It touched an intraday high of 5087.60 and an intraday low of 5004.35.
The markets breadth was positive, about 1651 shares advanced, 1240 shares declined, and 319 shares were unchanged.
Dhiraj Agarwal of Anand Rathi Financial Services said that valuations currently were neither too expensive nor very cheap. He further said the markets could go higher from a valuations perspective. However, he said he could not rule out the possibility of a bubble. "The Nifty floor is seen at around 4,750-4,850 levels," he said.
