Bulls go strong on Street: Sensex ends above 38,000 for the first time

The index took just nine trading sessions to move from 37,000 to 38,000

The benchmark Sensex on Thursday for the first time closed above the 38,000-mark. The index, which tracks the share price movement of India’s 30 blue-chip companies, took just nine trading sessions to move from 37,000 to 38,000. In comparison, the previous 1,000-point upmove took a painful 127 trading sessions. Since January — when the Sensex for the first time hit 36,000 — the markets entered a period of intense volatility amid rate hikes by the US Federal Reserve, weakening of the rupee, foreign capital outflows, surge in oil prices and fears of global trade war.