Thursday, September 8 2005 19:45 Hrs (IST) - World Time -

Mumbai: Creating history of sorts, the Bombay Stock Exchange 30-share Index (Sensex) today (Sept 8, 2005) raced past the 8,050 mark to hit a new peak of 8,060 on frenzied all-round buying support with Foreign Institutional Investors (FII) playing pivotal role in a buoyant market, which is poised for further gains.

Bolstered by ample liquidity, the benchmark 30-share Index (Sensex) scaled a new intra-trade record high of 8060.26 before ending the day at a new closing peak of 8052.56, a net rise of 105.78 points or 1.33 per cent over Tuesday's (Sept 6, 2005) close of 7946.78.

The sensex covered the 1,000 points journey in a short span of 55 trading days, riding high on aggressive purchases by FIIs from June onwards.

It had reached 7,000 mark on June 20, 2005.

According to a leading stock broker, the market is fundamentally strong and can rally further if it closed above the magic 8,000 level for two continued trading sessions.

However, another brokerage house chief said though the valuations were slightly stretched and need to be cautious in the short term, the bull phase in the long term could be sustainable.

Meanwhile, Finance Minister P Chidambaram endorsed the rally saying that the sensex rise is not a cause for worry or concern and market movements were orderly.

Global oil prices also fell below $65 a barrel level a further plus point for the upbeat sentiment.