Sensex crosses 19k-mark

Sensex crosses 19k-mark

The BSE Sensex notched up 408.67 points or 2.17 per cent to close at 19,208.33 point, while the S&P CNX Nifty gained 119.95 points or 2.13 per cent to settle at 5760 points in the closing this day, which is their highest closing level in 32 months since January 17, 2008.
The major trigger for sustaining the bull run for the fifth consecutive day was ascribed to the after announcement of Basel III norms by Europe on Sunday, which were less stringent than feared, had boosted the sentiments in Dalal Street.

The biggest change envisaged in Basel III will require banks to hold top-quality capital totalling 7 per cent of their risk-bearing assets, up from just 2 per cent under current rules.  
However, regulators across the world gave the banks transition periods to comply with the rules, which may be extended in some cases to January 2019 or later—that is longer than many bankers had originally expected.

That apart, robust July 2010 industrial production growth, which was announced on Friday, coupled with good monsoon this year and also data showing sustained buying by foreign funds have helped domestic bourses to maintain the uptrend.

Analysts say markets will scale new heights on sustained inflows of overseas funds. “The Indian equities would continue to be sweet spot and gradually move upwards,” said Angel Broking CMD Dinesh Thakkar.

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