BSE Sensex crossed 17,000 levels, but ended the day lower due to selling pressure and profit booking in some index heavy-weights. The stock market closed at 16,921. Technology stocks were major gainers, while some banks and real estate stocks were in the red.

Stock markets went from 15000 to 16000 in 51 trading sessions, but for its run from 16000 to 17000, Bulls took only 5 trading sessions. The recent rally was triggered by Fed-rate cut. Markets have gained very fast on back of FII investments.

The new all time high for BSE Sense is 17,073.87. BSE is now having PE ratio of 22.3 and this is not very cheap compared to other emerging markets. Chinese stock market is major stock market with higher P/E compared to India. The market ended lower due to weakness in Reliance, Reliance Energy, Maruti Udyog and NTPC.

Satyam Computers was among top gainers on Bombay Stock Exchange. Satyam ended with a gain of 4.81% at Rs 431. TCS added nearly 4% to finish the day at Rs 1041. Wipro was another gainer from Technology Stocks with gain of 4.33% and ended the day at Rs 454.

Reliance Industries, Bharti Airtel, ICICI Bank and Larsen & Toubro have been the main contributors in the journey from 16k to 17k. Reliance has gained a lot in recent days after the announcement from the company that Oil has been found in KG basin. The stock is hovering around its all-time highs. Reliance was down by Rs 78 towards the end of trading session. The stock closed at Rs 2321.

Real Estate stocks are showing signs of weakness. Due to selling pressure, Unitech Limited was down by Rs 14 to end at Rs 319. Ansal API, Sobha Developers, Parsvnath Developers and DLF Limited closed with small losses.