Sensex Touches 10,000
MUMBAI, FEB 6: The moment of joy finally arrived, albeit suddenly, at the stock markets when the benchmark 30-share Sensex of the Bombay Stock Exchange (BSE) recorded its biggest gain in the last six months to breach the magical 10,000 mark for a brief period on Monday. History was created at the fag end of the session at around 3:12 pm when the Sensex crossed the 10,000 level and reached 10, 002.83, the day's high, before finishing with a gain of 237.84 points, up 2.44% to close at 9,980.42. The previous biggest gain was recorded on September 26 when the Sensex sprinted 256.32 points. Not to be outdone, the broader 50-share S&P CNX Nifty of the National Stock Exchange (NSE) also moved in tandem and gained 59.85 points or 2.04% to end the session at 3,000.45. Narayan S A, managing director, Kotak Securities said, "This is a milestone for the Indian capital markets. It reflects the underlying strength of the economy and the leap of faith that global and local investors have taken on India. Indian equities have delivered exceptional returns for the last 2-3 years.
However at these levels, investors need to tone down expectations. While the rally would continue to be broad based and perhaps accompanied by higher volatility, stock selection would continue to be of prime importance and investors need to focus on the margin of safety".
Dealers said the market was caught unawares, since the Sensex was hovering around 9,980 levels for quite some time in the post-lunch session and it was widely believed that the 10,000 level would not be achieved on Monday. However, the bulls resort
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