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Sensex to hit all-time high before Diwali?

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About 1,250 points away from the magic figure of 20,000. Will the Sensex break the barriers this week? The index had last hit an all-time high of 21,206 on January 10, 2008.

Well, analysts stay pretty positive about the rally to continue.

"There is no need to press any panic button as far as the domestic polity is concern... Markets are likely to rise on account of global liquidity," Mehraboon Irani of Nirmal Bang Securities told NDTV Profit.

"Sentiment was beaten out of shape, so this rally (of Sensex gaining 404 points on Friday) was expected. The strength in large caps indicates the rally will continue," independent analyst Sarvendra Srivastava said.

On Friday, the markets went euphoric after Samajwadi Party leader Mulayam Singh Yadav confirmed his party's support to the UPA government. The BSE Sensex jumped over 500 points Friday as markets witnessed their biggest single-day rally of 2012. It is now trading at its highest level in 14 months.

Friday's rally was solely because of the Prime Minister hanging tough about bringing in reforms, saying that he would not allow a repeat of 1991.

Also boosting the sentiment is strong cues from the euro zone.

Given the stability quotient in the government and the cues provided by the investors that they are willing to bet on the market if the PM stays course, it seems likely that the Sensex may this week breach the psychological level of 20,000.

Story first published on: September 22, 2012 19:08 (IST)

Tags: Stock market, BSE Sensex

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