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| Sensex breaches 15K mark powered by IT stocks | | |
MUMBAI, JUL 6 Stock market bellwether Sensex today crossed the 15,000-point milestone on active buying by foreign funds and interest in IT shares, as concerns on interest rate hike eased with inflation staying within the government's target.
The 30-share Bombay Stock Exchange Sensex, however, ended the day at 14,964.12 - a new closing peak - with a gain of 102.23 points or 0.69 per cent over yesterday's close.
Buying interest was robust in technology, media, auto and consumer good counters. India's biggest software company TCS gained 4.4 per cent, while Infosys, whose results are expected on July 11, appreciated 2.85 per cent.
Wipro, which today announced acquisition of Singapore's FMCG firm Unza, rose three per cent, while Satyam was the biggest gainer among IT stocks, with a rise of 5.4 per cent.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) too scaled a new intra-trade high of 4,411.00 before ending at a fresh closing peak of 4,384.85, a rise of 30.90 points or 0.71 per cent.
The market has been creating history ever since the BSE barometer breached the 10K mark in February 2006. It took the longest period of about 143 days to cover the 1,000-point journey from 14,000 to 15,000.
Discounting the inflation factor, which rose to 4.13 per cent as of June 23, foreign funds have been consistent buyers in blue chip counters since June 30. They pumped in over Rs 7,400 crore (including Thursday's provisional figure) in equity in 5 days from June 29.
With inflation under its 5 per cent tolerance limit, RBI is unlikely to hike interest rates in its quarterly credit policy review on July 31. Analysts said this led to a spurt in auto and consumer good shares.
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