Key index hits record on market opening

Dec 13, 2007, 8:53 GMT

Mumbai, Dec 13 (IANS) The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) hit an all-time high of 20,498 points within seconds of opening trade on all round buying triggered by hopes of increasing capital inflows on back of a rate cut by the US Federal Reserve.

During the morning session, the 30-share Sensex rose up to 122.24 points and then hit a low of 20,340.77 points at the day's low, losing 35.1 points over the previous day's close.

The wider 50-share S&P CNX Nifty of the National Stock Exchange registered a new high of 6,185.40 points.

It was trading at 6,128.40 points at 11.25 am from 6,159.30 point previously, down by 30.9 points.

'Twenty-five basis points cut is already discounted by the market but it expects foreign institutional investors will invest aggressively in the coming days,' said a leading stockbroker.

Good buying was seen in the morning session in blue-chip shares like ITC, Mahindra & Mahindra, Hindalco, CAIRNS(I), Hero-Honda and Jet Airways. However, Bharati Airtel, TCS, ONGC and HDFC lost ground.

According to market analysts, Sensex is likely to close in the positive zone at the end of the session.

© 2007 Indo-Asian News Service