Nifty hits an all time high of 6000-mark

November 14th, 2007 - 8:15 am ICT by admin  
However, profit taking emerged in last hour of the trade and shaved-off 0.58 per cent or 34 points.

The 50-share index touched a day low of 5,837 before closing at 5,866.

The Bombay Stock Exchange’s benchmark 30-share Sensex moved in a range of 19,634-20,204 before closing at 19,724.

The benchmark was high on investor optimism duly backed by the US central bank’s interest rate on Wednesday cut of 25 basis points to 4.5 per cent signalling further lower borrowing cost.

The market breadth was strong with over 800 stocks on the advancing side and only 65 stocks on the downside on NSE.

“We saw the BSE Sensex crossing 20,000 but it took time for NSE to cross 6,000. It took almost 24 sessions to cross 5000 and reach 6000,” said Ganesh Shanbaugh, a market analyst.

The BSE Sensex touched the 20,000-point mark for the first time on October 29. It took 10 trading sessions for the index to move from 19,000 to 20,000

“This is a temporary phenomenon and nothing to worry. Overall, we have seen that the economic growth in the country is good. The stocks in the Nifty, the top 50 stocks have actually performed well and that’s why we have seen the Nifty cross the 6,000 mark which is a very historic and nice moment for NSE,” said Shanbaugh.

Stocks from auto, healthcare, power and telecom sectors recorded impressive gains.

Nifty crossed the 5,000 level on September 27 before which it was trading at lower levels.

While it took almost 203 trading sessions for it to gain thousand points from the 4,000 points, it scaled the new milestone in just 24 sessions.

“The frontline counter, reliance race is there and that is what is driving both Sensex and Nifty,” said Ganesh.

Biggest gainers were Reliance Petroleum, Larsen and Toubro, ONGC, HDFC Bank and Hindalco Industries. (ANI)

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