The Hindu New Year, Samvat 2067, got off to an auspicious start with the Sensex gaining 111.39 points to hit 21,004.96 points, going past yesterday's close of 20,893.57 points
The Hindu New Year, Samvat 2067, got off to an auspicious start with the Sensex gaining 111.39 points to hit 21,004.96 points, going past yesterday's close of 20,893.57 points.
Trading began at 6.15 pm after actor Anil Kapoor struck the BSE gong and the Sensex, which closed at a record level of 20,893.57 points in the previous trading session on Thursday, surged by another 215.07 points in yesterday's opening trade to 21,108.64 ufffd a level last seen 34 months ago in January 2008.
|
| Stocks, Camera, Action: Actors Anil Kapoor and Sushmita Sen during the BSE listing ceremony yesterday. PIC/SAMEER MARKANDE |
The fireworks are expected to continue as retail investors and Foreign Institutional Investors (FIIs) are encouraged due to the US Federal Reserve's quantitative easing.
"A lot of money is going to enter India simply because there is a lot of money and too few investment avenues. India is just the right market and is poised to receive a lot of this money," said Dinesh Thakkar, chairman and managing director of Angel Broking.
But it is not just market analysts who are bullish about Samvat 2067, but others as well. "The whole year will be bullish until December 31. Sectors like fertiliser, pharma, commodities and metals will do really well. However, by December 31, there is a likelihood of a catastrophe in the petroleum sector due to cyclones," stock market 'astrologer' Bangalore Govindaraja Mudaliar Swamy, known as 'BGM Swamy' told MiD DAY from Bangalore.
Even that may be good news, as retail investors can buy petroleum stocks when they fall, if the foretold catastrophe occurs. However, analysts are optimistic about the petroleum sector, and there are rumours that several buyers are cornering petroleum stocks like HPCL and BPCL.
All in all, the overall sentiment is bullish. "The view is positive ahead. Fundamentals are good and the liquidity surge is likely to keep pushing markets to new highs," said investment advisor SP Tulsian.
