Sensex closes below 17k
Wrap Up: Sensex closes below 17k The BSE benchmark index, Sensex, touched yet another milestone of 17,000 in the opening bell. The journey was covered in a week`s time. Heavy buying interest and strong Asian cues led the rally. Continued inflow of funds by overseas and domestic investors also fuelled this rally. The Sensex opened at 16,969.45 and then traded flat in the noon trades. Later, the market regained its strength and maintained momentum for a short period to touch an intraday high of 7,073.87. Finally, it ended on a positive note with some marginal gains. Select stocks from banking and IT gained ground, while auto and realty stocks declined. Asian markets advanced for a third day on Wednesday (Sep. 26, 2007) taking the regional benchmark index to a two-month high, on speculation that the U.S. Federal Reserve will again cut the interest rates. The BSE Sensex rose 21.85 points or 0.13%, to settle at 16,921.39, while the broad-based NSE Nifty marginally up 1.65 points, or 0.03%, to close at 4,940.50. The CNX Nifty still 60 points away from 5000.
The BSE Midcap rose 0.54% and Smallcap rose 0.69%.
Commenting on telecom sector, which led the market rally, market analyst, Sheshadri, said,“ All the kinds of companies are applying for telecom spectrum. Not much should be made out of this for rolling out a profitable business, it is not easy at all. It involves huge investment technology capabilities.“ Market Statistic s : Out of the total 2,815 shares traded at the BSE, 1,492 advanced, 1,262 declined, while 61 remained unchanged. Among the sectoral indices, BSE Bankex rose 1.93%, BSE Metal rose 0.04%, BSE IT rose 3.53%, while BSE Auto declined 0.67%, BSE Realty declined 1.23%. Gainers at the Sensex include Satyam, which soared 4.81% to close at Rs 431.30, followed by Wipro, which gained 4.33% to close at Rs 454.60, and TCS advanced 3.88% to end the day at Rs 1,041.00. HDFC, Infosys, ICICI Bank, SBI and Tata Steel also moved up. Laggards at the Sensex were Reliance Energy, which declined 5.63% to finish at Rs 1,026.20, Reliance Industries declined 3.24% at Rs 2,321.95 and Maruti dipped 2.92% to close at Rs 962.25. NTPC, HDFC Bank, M&M, Hindalco and ITC also slipped. Top Volumes Top Turnover Reliance Industries topped the turnover chart with Rs 2,745.6 million, followed by MRPL with Rs 1,641.6 million.
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Ispat Industries topped the volume chart with 43,350,743 shares being traded, followed by Reliance Petroleum with 16,657,550 shares and MRPL with 7,096,370 shares. IDBI, Chambal Fertilizers, Ashok Leyland and NTPC were some of the other chart busters.
