MUMBAI, FEBRUARY 9: Bulls galloped to a new high on Indian stock markets but closed off highs on profit-taking. Sensex which zoomed to an all-time high of 5756.87 fell back later and closed with a gain of 38.54 points at 5,649.10 on the Bomaby Stock Exchange. The National Stock Exchange (NSE) S&P CNX Nifty index ended 26.90 points higher at 1,689.65.Brokers said the index shed a major part of its gains on profit-taking but fund managers viewed the fall as a buying opportunity. "The long-term outlook is very bullish. Foreign funds are buying and corrections can only become good opportunities," said brokers.Sensex opened on a strong footing at 5704.01 and rallied further to the new record high before finishing 38.54 points higher, up by 0.69 per cent, to end at 5649.10, bettering the record set yesterday. The BSE-100 index firmed up by 34.64 points to 3241.20 from previous close of 3206.56.Operators said the markets were riding a euphoric phase caused by rising technology and telecom shares as well as a surge in regional indices. The Nasdaq composite index touched a new record of 4427.5, ajump of 105.7 points last night, boosted the sentiment at the early stages. ``A major reason for the bull run is the continuing rally on Nasdaq,'' said a broker.Foreign inflows into Indian equities were positive with Monday recording a net inflow of $61.5 million, a new high since January 2000. Sensex had now added more than 400 points in three days of trading beginning Monday.Marketmen attributed the initial sharp rise to the reported statement by the Union Revenue Minister that the Union Finance Minister would signal an interest rate cut and the budget would not be harsh in terms of additional taxation of business or individual incomes.However, several economy stocks led by cement scrips and key infotech shares met with heavy selling pressure after mid-session either trimming their gains substantially or posting marked losses. Domestic institutions and mutual funds led by UTI reportedly sold sizeable chunk of shares of software scrips like NIIT, Digital Equipments, Pentamedia Graphic and Satyam Computer.In the specified group, ITC, SSI, Essel Pack, Tata Tea, Thomas Cook, MTNL and GNFC were locked in the upper circuit filter at close while Hoechst Marrio and Videocon International hit the lower price band.HFCL clocked the highest turnover of Rs 616.64 crore of the total volume of business of Rs 4960.12 crore. HFCL shot up by Rs 65.30 to Rs 1137, Silverline by Rs 42.85 to Rs 1030, Hindustan Lever by Rs 90 to Rs 2410, Hindalco by Rs 27 to Rs 813, ITC by Rs 61.50 to Rs 830.50, MTNL by Rs 24 to Rs 324.60 and Nestle by Rs 26.25 to Rs 400.However, Pentamedia Graphic dropped by Rs 60 to Rs 1817, Satyam Computer by Rs 146 to Rs 3274, Zee Telefilms by Rs 27.45 to Rs 1317.55, ACC by Rs 11.20 to Rs 196.15, Bajaj Auto by Rs 15.15 to Rs 354.85, GACL by Rs 8.50 to Rs 305.50, Infosys Tech by Rs 201 to Rs 8679, L&T by Rs 23.45 to Rs 444, M&M by Rs 22.80 to Rs 529, NIIT by Rs 19.95 to Rs 2970, SBI by Rs 3.25 to Rs 241.75 and TELCO by Rs 1.30 to Rs 182.20.
