Investors gain Rs 90,000 crore as Sensex races past 17,000

Sensex closed above 17,000-mark for the first time in more than 16 months on Wednesday as overseas investors continued their buying spree. Banking stocks led the rally.

Investors are expecting strong earnings growth from India Inc, which starts reporting second quarter results next week.

The 30-stock Bombay Stock Exchange's (BSE) benchmark added 273.93 points, or 1.63 per cent, to finish at 17,126.84. It was the highest close for the index since May 21, 2008, when it ended at 17,243.16. It had opened at 16,868.46 and rose as high as 17,142.52 during the day.

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Street turnover clocks new high of Rs 1,57,781 crore

Equity markets witnessed high volatility on Tuesday as investors, who played it smart by buying stock before elections results last week, booked profits while short sellers rushed to cover their position both in National Stock Exchange (NSE) Nifty futures and calls options.

This led to indices witnessing sharp intra-day movement in an all-time high market turnover of Rs 1,57,781 crore.

Within few minutes of opening with a large gap up, Nifty slipped southwards and moved into the red territory, losing more than 140 points. But, short covering helped it make a comeback into the green territory.

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Recovery after panic on Dalal Street

On a fate-changing day for Wall Street, the Indian stock market saw panic selling on Monday morning in the wake of news that Lehman Brothers, the fourth largest US investment bank, had succumbed to the bad mortgage finance and that Bank of America would buy the trouble-torn Merrill Lynch for $50 billion.

In the drastic early sell-off Sensex plunged 850 points. However, the market recovered in the latter half on short covering and bottom fishing. The index ended the day with a less severe loss of 469.54 points. What triggered the short covering was a decline in crude oil prices by more than $4 while the Indian market traded. “I don’t believe in the decoupling theory.Whatever happens in the US will have repercussions around the world, be it Brazil, Europe, China or India,” said Leslie Menkes, Morgan Stanley head of onshore private wealth management for Asia. “We don’t see markets breaking away from the trend.”

With Monday’s decline, Sensex lost 1,413.7 points, or nearly 10 per cent, in a week’s time — equivalent to a loss of Rs 4,39,535.2 crore in investor wealth in six trading sessions. The NSE’s S&P CNX Nifty index fell 3.68 per cent, or 155.55 points, to close at 4,072.90.

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