The Hindu : Front Page : Sensex at new peak, gains 46 points

Online edition of India's National Newspaper
Tuesday, Feb 15, 2005

Front Page

Front Page

Sensex at new peak, gains 46 points

By Our Special Correspondent

MUMBAI, FEB. 14. The benchmark Bombay Stock Exchange 30-share sensitive index (Sensex) closed 45.57 points higher at 6679.33, a new closing high ever. It hit a historic high of 6719.20 in intraday. The previous closing high was 6679.20 touched on January 3, 2005. The information technology and telecom sector shares led the pre-budget rally.

However the NSE Nifty gained 16.20 points to end at 2098.25 against the previous close of 2082.05, before touching an intra-day high of 2110.15. The Nifty had touched its lifetime high of 2120.15 on January 4.

The Sensex also recorded an intra-day high at 6719.20. However, it closed lower on profit taking, towards the end of the trading. Selling pressure was seen in heavy weights such as HLL, ITC and Reliance Industries at the close of trade. Many mid-cap scrips in sectors such as media, sugar, fertilizer, consumer durables and cement, corrected today after moving up sharply over the last few trading sessions.

The BSE IT Index outperformed all other sectoral indices and it closed up by 2.65 per cent at 2685.31. Many IT stocks moved up on the back of strong gains in the U.S. markets. Selective buying was seen in pharmaceutical and power stocks. The BSE FMCG Index closed down 1.14 per cent at 1094.82, as fast moving consumer goods heavy weights such as HLL, ITC and Nestle declined.

On the BSE, shares worth Rs. 2,335.01 crores were traded today, as compared to Rs. 2,671.98 crores on Friday.

Expectations on the Union Budget, which is to be presented to Parliament at the end of this month, started building up. Market participants feel that this Budget would further enhance the reform process of the Government, like cut in excise duties in a number of sectors.

Sustained interest of foreign institutional investors also added to the optimism of the market. The cumulative FII inflow by the first few days of February has reached Rs. 4,459 crores.

Infosys, Satyam, Wipro and TCS traded higher on sustained buying interest. Ranbaxy, Dr. Reddy's Lab and Cipla traded steady on selective buying. SBI, ING Vysya Bank and ICICI Bank ended with gains.

In the specified group, 115 including 19 index-based counters registered marked to moderate gains.

Printer friendly page
Send this article to Friends by E-Mail

Front Page