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Sensex roars towards 5,000 points, NSE breaks record

Shares have rallied at the Bombay Stock Exchange as news of a clear mandate for Prime Minister Atal Bihari Vajpayee's Bharatiya Janata Party-led National Democratic Alliance in the national elections is coming in. The 30-share BSE Sensex gained 5.5 per cent or 263 points to end the day at 4960 points . The 50-share NSE index or Nifty rose 5.53 per cent or 77 points to close the day at 1469 points.

The NSE witnessed the highest value of trades of Rs 4,020.67 crore today since inception. The previous highest value of trades was Rs 3,656.76 crore recorded on March 17, 1999. The total number of trades was 4,78,723 trades. The previous highest number of trades of 4,57,535 was recorded on September 28, 1999.

The SP-CNX Nifty Index touched an intra-day all time high of 1475.45 points before closing at 1469.75 points which is 77.05 points higher from the previous close, a NSE press release said.

If the BJP-led alliance manages to cross the 300-figure mark then the markets are expected to go up further. A news article of about 100 foreign funders waiting to enter India has also boosted the market sentiments. Plus the news of Moody's improving the country rating from stable to positive further boosted the sentiments during the day.

Market observers expect the index to cross the magic 5,000 mark very soon, a dealer said adding that going by the activity taking place today, it may not be a surprise if the index touches the 5,000 mark this week itself. He further said that index heavyweights HLL and ITC have not yet started to move up in today's market. Once they also join the rally, it will be the best bull run in the history of the market.

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