Markets: Sensex crosses 4,500 level,touches 5 year high.
Markets celebrate 'victory' in Kargil; Sensex crosses 4,500 level, touches five-year high
M P Joshi in Bombay
Vijay in Hindi means victory. The stock markets in India have cheered the success of Operation Vijay of the Indian armed forces in Kashmir, launched to wrest Kargil and other areas back from the Pakistan-backed 'Islamic militants'.
Leading bourses staged handsome rallies, fuelled by buying spree by foreign funds and other market players.
The Bombay Stock Exchange, India's premier bourse, led the upsurge. The 30-share benchmark index, the Sensex, rose by 222.76 points or 5.10 per cent at 4585.63, and the S&P CNX Nifty at the NSE by 61.35 points or 4.89 per cent at 1315.35 points from Friday's close.
The Sensex closed higher than its five-year-high of 4553.79 points recorded on September 19, 1994. In the case of Nifty, it was a 52-week high, sources at the respective exchanges confirmed.
After reports indicated end of hostilities and withdrawal by Pakistani intruders from Kargil and the talks between the army chiefs of both the countries, the sentiment turned extremely positive, dealers said.
The markets, already bullish following the better first quarter financial results by leading industries and emergence of signs of economic revival, were into a tizzy as foreign funds made massive purchases in the cement, power, automobiles stocks today....
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