BSE Sensex crosses 19000 mark on hopes of further reforms
The BSE benchmark Sensex continued to maintain 19,000-level, which it breached for first time in nearly 15 months, in mid-session trade Thursday on sustained buying by funds and retailers on expectations of more policy reforms by the government amid a firming trend in Asian region.
The Nifty also rose 1.2 percent to above 5,800 points.
Sensex had resumed higher at 18,939.75 and shot up further to cross 19K level -- last seen on July 15, 2011 -- at 19,087.60 before quoting at 19,079.58, a net gain of 201.89 points or 1.11 percent, with stocks of realty, banking, capital goods leading the rise.
The NSE 50-share Nifty firmed up by 68.95 points, or 1.20 percent, to 5,800.20.
Trading sentiment remained bullish on continued buying by funds and retail investors, anticipating announcement of more economic reforms by the government, market experts said.
Persistent inflows of foreign capital into equity market also boosted the market sentiment.
In another round of big-ticket reforms, the Union Cabinet will consider Thursday raising the FDI cap in insurance sector to 49 per cent and opening the pension sector to foreign investment besides creation of a National Investment Board.
Asian shares steadied on Thursday and the safe-haven dollar eased after positive US data, leaving investors waiting for more economic indicators from the world's largest economy later in the day and a European Central Bank policy meeting.
Wall Street ended modestly higher on Wednesday on stronger-than-expected US labor and service-sector data, but the Dow industrials were hobbled by a slide in Hewlett-Packard.