sensex back with bang.....closes at 19 months high

markets trade at higher end.....index at 17,401.56
BSE's sensex closed at its highest level since may 16, 2008 at 17,401.56, up 40.95 points or 0.24%, off the days high of 17,486.05
niffty once again failed to close above its much talked about hurdle of 5200. NSE's index ended at 5187.95, up 9.55 points or 0.18% after touching days high of 5214.60, its highest since may 5, 2008. techanical analyst said the index would need to cross the 5200 mark on higher volumes for atleast a couple of session for traders to cover their short position and create fresh positive bets.
"markets are trading at higher end of their fair value at the moment." said Nilesh shah , deputy Md and CIO, ICICI prudential asset managememt. "investor will now wait to see how the goverenment translates its promises on economic growth and reforms into real action". he added