In just six sessions, Sensex surges 1,100 points

The 30-share Sensex of the Bombay Stock Exchange closed at 19,346.96 points today, a sharp 1,125.53-point gain from 18,221 it posted on September 3.

The six-day rally has pushed investors' wealth in the country to over Rs 70,00,000 crore level today, and has seen six blue-chip stocks -- SBI, Tata Motors, TCS, Infosys, ONGC and Mahindra & Mahindra-- touching their lifetime high levels.

As the market benchmark Sensex followed up yesterday's 409-point rally with another 139-point jump today, the total investor wealth, measured in terms of valuation of all the listed companies in the country, soared to Rs 70,06,647 crore.

With today's gains of 139 points, markets have gained over 20 per cent since the last week of May, 2010 and equity analysts are bullish about the days ahead.
"I do not see any reason why markets should not move up. It is a liquidity-supported rally and unabated FII inflows would further push local markets," SMC Global Securities Equity Head Jagannadham Thunuguntla said.

"India is one of the hot spots for overseas investors and those fund houses, which were still watching the situation, now are interested to pick up local stocks as global equities are rebounding," he added.

Significantly, the Sensex has jumped by over 10,000 points  from its low level of early March 2009, making it one of the best performing indices worldwide. The markets had plunged to a low of 8,701.07 in October, 2008 in tune with global equitities after Wall Street giant Lehaman Brothers collpased which heralaed the global meltdown.