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Sensex soars by 76 points, hits historic peaks
By agencies
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Monday, 18 July 2005, 19:30 IST
MUMBAI: Bolstered by consistent FII inflows and excellent first quarter results of corporates, the Sensex on Monday soared by 76 points to end at an all-time peak of 7347.10.
Foreign Institutional Investors (FIIs), which reported net investments of over $288 million in equity in the first four days of last week, reportedly were heavy buyers in several blue chip counters, particularly heavyweight stocks.
FIIs have so far pumped in more than $5.2 billion in the current calendar year.
IT major TCS Ltd led a smart rally in software counters. It hogged the limelight scoring impressive gains on the company's announcement of better-than-expected Q1 results.
The BSE Benchmark 30-share Index opened strong at 7325.65 and gradually moved upwards to a new intra-trade record high of 7359.81 before ending the day at 7347.10 as against last Friday's close of 7271.54, a net rise of 75.76 points or 1.04 percent.
The benchmark has surpassed previous intra-trade historic peak of 7352.46 touched on July 12 and an all-time closing high of 7306.74 hit on July 11.
Good rainfall in many parts of the country also had a positive impact on the market.
It has turned distinctly bullish and the present rally is expected to continue unless some negative development occurs, brokers said.
The top heavyweight, RIL witnessed a block deal of 59.9 lakh shares at the price of Rs 663.30 per share but ended down due to selling pressure.