Sensex was not the only index that hit a record high today as other indices of bank stocks, PSUs, consumer durables, capital goods and mid-caps also touched their peaks on sustained buying.
MUMBAI: Stock market benchmark Sensex was not the only index that hit a record high today as other indices of bank stocks, PSUs, consumer durables, capital goods and mid-caps also touched their peaks on sustained buying.
However, metal, small-cap, healthcare and FMCG indices are yet to regain their peaks reached over an year ago in May 2006, according to data available with Bombay Stock Exchange.
The IT index, which comprises heavyweight stocks like Infosys and TCS, is far from its peak scaled during the tech boom in February 2000. The index today settled at 4,867.27 points compared to 8,678 on February 22, 2000.
Auto index had scaled its peak on February 9, while oil and gas index rose to an all-time on May 23 this year.
Bombay Stock Exchange's sensitive index Sensex on Monday added 13.75, or 0.09 per cent, to 14,664.26, beating its record close on February 8 this year. The Nifty on National Stock Exchange slid 4.55, or 0.1 per cent, to 4,313.75.
The Sensex took 95 trading sessions to hit the peak on steady inflow of buying in capital goods, auto, bank and metal stocks on rising sales of vehicles, falling inflation and rapidly expanding economy.
The final push to the Sensex also came in on reports the rupee posted heavy gains against the dollar. While rise in rupee value is, however, a major factor in weakness witnessed in stocks of IT companies, which derive more than half of their revenues in dollar terms from the US market.
As the infrastructure sector came in limelight, cement, metal and heavy construction machinery companies such as L&T stole the show and lent maximum support to key indices.
Marketmen said buying in bank stocks gained as concerns regarding increase in global interest rates waned after the US Federal Reserve last week kept key rates unchanged.
They also said sentiment in the domestic market improved as inflation fell to a 14-month low of 4.03 per cent, lowering pressure on Reserve Bank to hike borrowing costs.
Capital goods segment index in the last five months has risen to 12,429.15 points from 9,939.61 recorded on February 9. Banking index to 7,990.48 points from 7,560.31, while metal index climbed to 10,560.32 points from 9,114.05.
Auto sector has fallen since February 9 on weak sale growth in recent past but picked up subsequently as rising stock prices of Maruti Udyog, Mahindra and Mahindra and Tata Motors boosted the trend. Auto index stood at 4,791.06 points as compared with 5,750.52 set on February 9.
Oil and gas index rose to 7,597.30 points from 6,631.51 points, PSU index to 6,795.10 points from 6,302.72, healthcare index from 3,842.94 points to 3,849.59, consumer durable from 3,926.25 to 4,264.90 points.
However, IT segment has dipped to 4,867.27 points from 5,479.15 as rising rupee raised fears of a fall in earnings of software exporting companies.
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