The Hindu : Business : Sensex up 74 points

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Friday, Jul 01, 2005

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Business

Sensex up 74 points

MUMBAI: Shrugging off the slowdown in GDP growth, the Sensex on Thursday surged further by a steep 73.97 points to climb at a new closing high of 7193.85 on the Bombay Stock Exchange driven up by sustained heavy buying by foreign institutional investors and short-covering by local funds. Ahead of the expiry of the futures contract, the benchmark attracted buying support from all quarters, as economic fundamentals took a back seat amidst persistent hectic demand from foreign funds.

The BSE benchmark 30-share sensitive index opened firm at 7154.27 against the previous close of 7119.88. Thereafter, it rallied further and after crossing the 7200-mark, touched an intra-day high of 7218.28, very close to the historic high of 7228.21 recorded on June 27. Later, it eased on fresh profit-taking in select counters, but closed at an all time closing high of 7193.85, showing a steep rally of 1.04 per cent over the last close.

Foreign institutional investors had bought equities worth Rs. 275 crore on Monday and Rs. 524 crore on Tuesday and more than Rs. 4,500 crore in June so far, a broker said.TCS closed sharply higher on heavy buying following reports that the company and Microsoft have been selected as partners to form a joint venture company, dealers said. — PTI

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