The Hindu : Business : Sensex scales new peak

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Wednesday, Sep 07, 2005

Business

Business

Sensex scales new peak

MUMBAI: Discounting the government's decision to hike fuel prices, the Bombay Stock Exchange 30-share Sensex on Tuesday ended at another new peak of 7946.78 on sustained inflows from institutional investors.

Operators and retail investors, however, seemed to be a bit cautious and took profits at higher levels.

The benchmark Sensex opened better at 7931.42 and later moved irregularly between 7976.40 and 7914.41 before ending the day at an all time high of 7946.78 against yesterday's close of 7925.24, a net rise of 21.54 points.

The Sensex gained by 312.35 points or 4.09 per cent in the six sessions between August 30 and September 6.

Foreign institutional investors were believed to be making investments in select key counters.

Stepping up activity after a brief slowdown, the FIIs and mutual funds have been pumping in fairly heavy funds in the equity market for the last few days, brokers said, adding: ``The Sensex is expected to cross the 8000 level within a week if the inflows continued for the period." The FIIs reported net investments of Rs. 1,186 crore and mutual funds made net purchases of Rs. 772 crore last week.

The market breadth was negative with the losses outpaced by gains in specified group by 115 to 82. The government has decided to raise petrol price by Rs. 3 a litre and diesel by Rs. 2 a litre with effect midnight on Tuesday

- PTI

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