Bulls are continuing with their dream run on Dalal Street. The widely-tracked BSE Sensitive Index (Sensex) and the 50-share National Stock Exchange S&P CNX Nifty index zoomed to their lifetime highs on Wednesday as euphoric buying continued on the back of strong foreign fund inflows. Hitting a new high of 6,423.27, the Sensex ended at 6,402.29, gaining 76.76 points, or 1.21 per cent, over its previous close. From Monday’s low of 6,220.58, the benchmark index has gained 181.71 points.The NSE S&P CNX Nifty index also touched a new high of 2,034.35 in intra-day trades before settling at 2,028.70, up 21.90 points, or 1.09 per cent over its previous close.Even as analysts raised concerns over the rising valuations due to FII buying, telecom, media and technology stocks stole the limelight. A number of stocks touched their lifetime highs on Wednesday. Mid-cap stocks displayed mixed trends.Foreign funds are the key drivers of the market purchasing shares worth Rs 4,109.40 crore ($710.8 million) between December 1-13, taking their net equity investments for 2004 to some $ 7.9 billion — a record for any single year since they were first allowed in India. A fresh surge in FII inflows has eased fears of a slowdown in foreign inflows ahead of the year-end.The sustained rise has also raised concerns that the market is getting overheated.
