Nifty opened 2.20 points higher and surged to strike an all time high of 5015.55, at the onset of the trading session boosted by strong demand for index pivotals. The market surged today as weak US economic data reinforced expectations for another interest rate cut from the Federal Reserve, following a steep half-point reduction to 4.75% last week.
Nifty took a little under ten months to advance 1000 points from 4,000 to 5,000. It had first hit the 4,000 mark on 1 December 2006.
BSE Sensex has crossed the 17,000 mark a new life time high and many fund managers are of the view that the Indian indices will continue to rise until the end of 2007. FIIs have poured in $3 Billion in the Indian equities until the 25th of this month.