Sensex sets new peak at over 19K level

MUMBAI: The stock market barometer Sensex on Monday crossed and closed above the psychologically satisfying 19,000-point mark, adding 1,000 points in a record four sessions, on aggressive buying by funds in front line stocks.

The Sensex, which snapped its upward march on Friday after Finance Minister P Chidambaram voiced concerns about the rise in stock prices, resumed the rally on Monday and mopped up nearly 639.63 points to settle at 19,058.69.

It touched an intra-day high of 19,095.75 points. The rise has inflated the notional wealth of investors by Rs 2,11,700 crore to over Rs 58 trillion. The 30 Sensex scrips contributed for Rs 96,000 crore to this wealth addition measured in terms of gain in market capitalisation in a single day.

The current rally was mainly supported by metal sector, whose index rose the most at 1358.74 points to touch 16,200.18, a hefty rise never seen before. Capital goods index was the second best performer with a gain of 505.01 points at 17,119.70.

The 1,000 point rally from 18,000 to 19,000 came in a quick four sessions and within days of Finance Minister P Chidambaram expressing surprise and concern over the stocks' surge, which he attributed to speculators, while hoping that things would cool down soon.

The record breaking rise betters the previous best six session 1,000 point rally from 16,000-17,000. The next milestone to 18,000 came in eight trading sessions.

The second wide-based National Stock Exchange index Nifty also rose to a record high by gaining 242.15 points to settle at 5670.40. It set an intra-day high of 5682.65 points.