The bull run gathered pace on Indian markets on Monday. The Bombay Stock Exchange Sensitive Index (Sensex) pierced through the 4,300 level and settled above its 30-month closing high on Monday, following sustained buying support for stocks across sectors.Recording its fifth straight rise, the Sensex ended at 4,324.76, gaining 80.03 points, or 1.89 per cent, over its previous close. The NSE S&P CNX Nifty Index gained 19.40 points to close at 1,375.95. “Sensex could cross the 4,500 mark within a few days. The rally has more steam left,” said a fund manager.With this gain, Sensex has gained over 1,300 points — or 45 per cent — in the last four months, making it one of the fastest market rallies after the boom led by Harshad Mehta in 1991-92. As many as 43 scrips — including Indian Oil, Maruti, Reliance, SBI and Tata Motors — touched their 52-week high levels. Old economy stocks, especially in the cement, textiles and power sectors, were in the limelight on sustained buying.The sentiment remained bullish throughout the session on the back of sustained buying support from institutions as well as retail investors. The Sensex turned free-float adjusted from Monday. Fund managers, who have Sensex-linked schemes or foreign funds who invest as per the weightage of stocks in the Sensex are believed to have churned their portfolios, depending on the new weightages of the index stocks.Cement pivotals like L&T (up 5.20% to Rs 304.20), Gujarat Ambuja Cements (up 4.28% to Rs 240.20), Grasim (up 3.11% to Rs 637.55) and ACC (up 2.28% to Rs 217.25) ended with smart gains - having ruled firm throughout the session - amid the hopes of improved offtake of cement following a good monsoon and the government’s trust on the infrastructure sector.Reliance Energy (up 5.68% to Rs 351.90) firmed up to touch a new 52-week high of Rs 353 on sustained buying. Satyam Computer (up 4.30% to 236.35) and HCL Technologies (up 3.19% to Rs 189.60) ended higher on sustained buying support following last Friday’s gains in the US markets. “The gains in tech stocks in the early trades were partly attributed to the NSE’s decision to introduce futures and options in the CNX IT Index, effective last Friday,” said a dealer. Reliance Industries (up 3.41% to Rs 412.15) gained momentum towards the end —after remaining steady for a major part of the session—to touch a new 52-week high of Rs 415 on sustained buying. Other heavyweights like ITC (up 2.88% to Rs 856.35) and Hindustan Lever (up 2.74% to Rs 189.55) also contributed significantly to the gains in the Sensex. Cipla (up 2.75% to Rs 1,038.25) and Ranbaxy (up 0.95% to Rs 1,010.75) ended off their higher levels on selling pressure. SBI came off from an intra-day high of Rs 446.25 to a low of Rs 436 before settling at Rs 437.70, down 0.35% from its previous close.
