Sensex closes at all time high
jacob.c@ibtimes.co.in
Mumbai - The benchmark Sensitive Index of the Bombay Stock Exchange (BSE) crossed the 11,500 mark on Monday afternoon to scale an all-time intra-trade peak of 11,579.10, gaining over 200 points on the back of all-round buying, before ending the day at a record 11,564.36, an intra-day gain of 284.40 points.
This is the largest single session rise since May 18, 2004, when the Bombay Stock Exchange (BSE) benchmark 30-share Index (Sensex) gained by 371.86 points.
Crediting the across-the-board buying support largely to unabated flow of funds from institutional investors, market analysts said that investors had turned strongly bullish following high expectations of excellent Q4 corporate earnings and the proposed massive public issue by the Reliance Petroleum that is building a new refinery at Jamnagar, which, once completed, would become the largest oil refinery in the world.
Leading the charge at the Sensex was Infosys Technologies. The counter moved up 5.7 percent or Rs. 171 by close. Maruti Udyog, Grasim Industries, Satyam Computers, Tata Motors and Reliance Industries gained over four percent each.
HDFC Bank however slipped 0.1 percent. It was the only counter in the BSE 30 to end weak.
All the sectoral indices ended in the green. The BSE IT index at 4181 levels vaulted 3.7 percent or 151 points. It was the biggest gainer among sectoral indices.
Mphasis, Infosys Technologies, Satyam Computer, Hexaware Technologies, I-Flex Solutions and TCS were the key gainers.
Gains were also seen in capital goods counters. Lakshmi Machine Works was the top gainer that went up by 8.7 percent.
The BSE oil and gas index zoomed 2.8 percent or 139 points. Indian Oil, Reliance Industries, Chennai Petroleum and BPCL led gains. GAIL India, however, ended marginally weak.
Fresh buying was also seen in second rung cement stocks. Mangalam Cement at Rs. 150 levels moved up 10 percent or Rs. 13.
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