Sensex opens at over 20K, Nifty at all-time high

Mumbai, Dec 7: The benchmark sensitive index at Bombay Stock Exchange (BSE) opened over 250 points up at 20063.50 from its previous close of 19795.87 on firm note in Asian market.

The broad-based Nifty index at the National Stock Exchange(NSE) touched a fresh all-time high of 6042.10 after making a firm start at 5963.60 in mid-morning sessions.

The market opened with a positive gap following strong cues from global markets. Telecom, banking, realty and metal stocks were in demand, traders said.

Mid-cap stocks were in red while small-cap stocks were trading marginally high. The market breadth was strong and 26 out of 30 stocks from the Sensex pack were in the green.

Asian markets edged higher as worries about a US recession continued to ease after US President George W Bush yesterday unveiled plans aimed at stemming US home loan foreclosures.

Sensex had hit all-time high of 20238.16 on October 30 but was not able to sustain at higher levels and it is yet to close above the psychological 20,000 level. The Sensex"s all time closing high is 19977.67 -- on October 29.

The Bank of England lowered its key interest rate on December 6 citing signs of slowing growth. The Monetary Policy Committee, or MPC, voted to reduce the official bank rate paid on commercial bank reserves by 0.25 basis points to 5.5 per cent.

However, the European Central Bank Monetary Policy Committee decided to keep interest rates on hold at 4 per cent after their monthly policy meeting yesterday, according to reports.

UNI