Mumbai: Buoyed by Budgetary proposals to raise Foreign Direct Investment ceiling in telecom, insurance and civil aviation sectors, the Bombay Stock Exchange sensitive index crossed the 5000 point mark at noon today (Jul 8, 2004), a level last seen on June 9.

The sensex was higher by 48.20 points at 5004.17 at noon. On June 9, it stood at 5000.59 points.

A major support to the sensex came from telecom majors like MTNL, Bharti Televentures, Tata Telecom and Shyam Telecom as these shares picked between 2-20 per cent soon after the announcement of the proposals.

Government has proposed to raise sectorial caps on FDI in telecom from 49 per cent to 74 per cent, civil aviation from 40 per cent to 49 per cent and in insurance from 26 per cent to 49 per cent.