Saturday, Jan 01, 2005
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MUMBAI, DEC. 31. An unprecedented last day surge in foreign institutional investment inflows sent the benchmark scaling a new high of 6602.69 on the Bombay Stock Exchange today, a single session rise of 80.15 points with sentiment upbeat for a smart take-off in the new calendar year. The index posted the maximum gains in December and scaled new heights practically every day on the back of robust foreign institutional investors buying. The FIIs pumped in nearly $8.40 billion (Rs. 38,415 crores) in the current year, the highest ever in a calendar year. The BSE barometer spurted by 763.73 points or 13.08 per cent in the current year, mainly driven by hectic FII buying, boosted by buoyant conditions following the continuation of the reform process by the UPA Government. The BSE-30 share sensitive index opened at 6541.38 against yesterday's close of 6522.54 and rallied further to a high of 6609.78 before concluding at 6602.69, up by 1.23 per cent. The spurt in the Sensex could be gauged by sharp to moderate rise in 24 out of 30 index-based scrips, including heavyweights such as RIL, Infosys Technologies, SBI, ITC, Tata Motors, BHEL, Grasim, HDFC, ICICI Bank, Satyam Computer and Ranbaxy. Led by the banking segment, most scrips attracted heavy buying in anticipation of a further rise in prices in the new year, dealers said. Reflecting the rally, the sectoral Bankex spurted by 85.18 points to 3721.97 from 3636.79. India appears to be the most sought after destination for foreign funds following the entry of CalPers, largest pension fund in the U.S. owing to the country's fledgling economy. The first signal for the buoyant conditions in the current bull run came at the Moorat session when the Sensex hit the crucial 6000-mark amidst optimism of a spiralling rise in the benchmark index.
— PTI
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