The National Stock Exchange index Nifty today crossed the 5,000 point landmark in late morning trade for first time in 16 months as overseas investors pumped in more funds enthused by strong global cues.

The 50—share index rose by 44.65 points to 5,003.05 points, a level last seen on May 13, 2008.

The Bombay Stock Exchange benchmark index also gained 142.98 points to 16,820.02 points, the highest level achieved so far this year.

Brokers said the Nifty breached the milestone in line with global cues after the upbeat US data infused positive sentiments into the market coupled with positive advance tax numbers.

Fresh buying in FMCG, capital goods, banking and auto shares propelled the market to reach these highs, they added.

“Increased liquidity and sustained buying by foreign funds bolstered by overnight gains on the US markets on expectations of early global economic recovery buoyed the trading sentiments,” broker Manoj Choraria said.

The rally in the domestic markets was in line with the global markets which were also hovering around year’s highs.

Hong Kong’s Hang Seng rose 1.75 per cent and Japan’s Nikkei was up by 0.91 per cent in the morning trade.

The US Dow Jones Industrial Average closed 1.12 per cent higher in yesterday’s trading.

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