Sensex up 338 points, highest in 31 months

Sep 07, 2010 - Age Correspondent |

mumbai

Heavyweights like SBI, ONGC, ICICI and Axis Bank, which hit their 52-week high, catapulted the Sensex to close at 18,560.05, up 338.62 points, on Monday. It was the best close in 31 months.

The Nifty closed way above the 5,500 mark, at 5,576.95, up 97.55 points. The markets opened on a positive note across Asia following good job market data in the US and fears of double-digit recession receding. Banking and commodities, which have been rising globally, and auto stocks could drive the markets up further, said Mr Deven Choksey of K.R. Choksey.
Monday brought a pleasant surprise, particularly since analysts were talking of a correction this week. But FII money is pouring in and the rise in the Sensex “is not a matter of fundamentals but of liquidity,” said a leading analyst. The markets are richly valued and growth opportunities are factored in. Markets can see more of an upside as long as FII money keeps flowing in. Investors have to be careful when the mood is euphoric even when the markets are not at the best levels, said the analyst.

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