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Journalism of Courage
The bull rally is not showing any signs of slowing down. The benchmark Sensex and the NSE S038;P CNX Nifty index ended at their closing highs on Tuesday as buying resumed in blue chips after Monday8217;s fall from the higher levels.
After touching a new high of 6,568.57 in final trades, the BSE Sensex ended with a solid gain of 50.45 points at 6,563.48, its best closing ever. The broader 50-share NSE S038;P CNX Nifty index ended with a modest gain of 8.75 points at 2,071.35, again its best ending ever. The rally was led by metal stocks, notably steel stocks like Tata Steel, on expectations that a fresh hike in steel prices will be effected in January and on hopes of bumper quarterly results. 8220;Sensex will cross the 6,600 level soon,8221; said a dealer.
Hopes of strong quarterly results, sustained foreign fund inflows and a fresh fall in the international oil prices were the factors that boosted the market on Tuesday. A sharp fall in international oil prices on Monday too gave the market its thrust. Dealers say while there could be a slowdown in FII inflows soon, foreign fund inflows would rise in 2005 with India8217;s weightage rising in the Morgan Stanley Capital International Index. Besides, there are hopes of strong corporate results, as indicated from the high advance tax payments made by top firms.
