Sensex crosses record 19,000-point mark

November 14th, 2007 - 2:16 am ICT by admin  
It is the fastest ever rally of a thousand points in its own history.

The push was led by five companies, which accounted for 60 percent of Monday’s s growth. The companies were Reliance Industries Ltd, ICICI Bank, Rekliance Energy, Larsen and Toubro and ONGC.

The Sensex gained 594 points to touch a historic high of 19000 points at 2.50 p.m.

The above 19,000 barrier marked revival of funds-based buying in blue chip stocks in metal, capital goods and refinery segments.

The 30-share Sensex, which snapped a long rally by losing nearly 395 points on Friday, resumed its record setting journey.

The buying activity also picked up in capital goods and refinery stocks.

Marketmen said the current rally was supported by metal, refinery and capital goods stocks besides a major gain in Reliance pack of stocks belonging to both Ambani brothers.

They said the surge in the market was partly supported by telecom stocks such as Bharti Airtel and reliance Communications after Goldman Sachs raised its price target on the stocks, saying subscriber growth will boost profits.

Similarly, the wide-based National Stock Exchange`s Nifty added a record 150 points to touch a new peak at 5,600.90.

A firm trend in Asian markets also boosted the market sentiment to some extent, in soaring to new heights. (ANI with inputs)

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