Bulls take Sensex to new peak

Bulls take Sensex to new peak
ENS ECONOMIC BUREAU

MUMBAI, FEBRUARY 10: Ignoring the regional and overnight US trends, Indian stock indices set another record high on Thursday as stock markets continued their unbridled rally for the fourth consecutive day. Powered by technology and telecommunication stocks, the Bombay Stock Exchange Sensex closed 2.48 per cent, or 139.94 points, higher at a record high of 5,789.04. The National Stock Exchange S&P CNX index ended 21.55 points, higher at a new high of 1,711.20.

The negative factors were the Nasdaq's fall and large long positions built by speculators. Analysts said they saw some upside in the market despite the large jump so far this week. "Based on past patterns and current bullish strength, the index could soon move up to 5,900 levels," said an analyst. Riding the uptrend on Thursday was debutante Glenmark Pharmaceuticals, which listed at a hefty premium of 177.25 per cent to its offer price of Rs 200.

Infosys, Satyam, Software Solutions and BFL Software scored major gains. Himachal Futuristic zoomed by Rs90.95 to Rs 1227.95. Silverline was up by Rs 82.35 at Rs 1112.35, Pentamedia by Rs 30.50 at Rs 1847.50, Reliance by Rs 18.75 at Rs 364.25, Zee Telefilms by Rs 20.45 at Rs 1338, BSES by Rs 18.25 at Rs 247, Infosys by Rs 546 at Rs 9225, ITC by Rs 66.10 at Rs 896.60, L&T by Rs 24 at Rs 468, M&M by Rs 42.30 at Rs 571.30, MTNL by Rs 25.95 at Rs 350.55 and SBI by Rs 5.15 at Rs 246.90.

However, HLL dipped by Rs 91.25 to Rs 2318.75. HLL was the only heavyweight which did not do well. It showed a fall of nearly four per cent. Had HLL contributed, Sensex would have shown a gain of over 200 points. The broader market however was weak, with decliners beating advances. But trading volumes in the shares that rose were much higher. Fund managers said share valuations in the Indian market were appropriate despite the record high levels.