The Hindu : Business : Sensex scales new high

Online edition of India's National Newspaper
Saturday, Mar 05, 2005

Business

Business

Sensex scales new high

By Our Special Correspondent

MUMBAI, MARCH 4. The Sensex today touched another high, breaching the key resistance level, to close at 6849.48 on the Bombay Stock Exchange, propelled by sustained hectic all round buying led by foreign funds' active participation.

The frenzied demand spread across-the-board from the onset of business with the benchmark initially piercing through the crucial 6800 mark.

It then cruised past the 6850 barrier to a new peak of 6864.62 in afternoon deals, before settling at 6849.48, a rise of 64.76.

"The market having broken the 6720 level is now rife for an up-move. The outlook continues to be bullish. This is also a broad-based rally," said Ramesh Damani, broker, Bombay Stock Exchange.

Foreign institutional investors have brought in Rs. 698.50 crores on Wednesday after investing Rs. 538.20 crores on Tuesday and Rs. 342.80 crores on the budget day on Monday. Mutual funds flush with funds were also investing in numerous stocks, dealers said. The volumes on the bourses were high, with shares worth Rs. 3,115 crores being traded on the BSE today, as compared to Rs. 2,626.83 crores on Thursday.

Technology stocks ended with gains. The BSE IT Sector index gained 22.76 points to end at 2702.03. Wipro were up 3.33 per cent at Rs. 720.70, Infosys at Rs. 2,232.80, Satyam Computer at Rs. 402.40 and TCS at Rs. 1,391.15.

Index heavyweights such as Reliance Industries were up 2.41 per cent at Rs. 571.90 and ITC by 1.89 per cent at Rs. 1,370.80.

PTI reports: Several heavyweights such as RIL, HDFC, ITC, Hindalco, Bajaj Auto, Infosys Technologies, REL, Tata Motors, Zee Tele, Maruti, BHEL, Grasim, L&T and HDFC Bank made handsome progress which pushed the Sensex to an all time high.

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