Sensex jumps 74 points to new peak

Short covering in the futures & options segment ahead of expiry of June 2005 derivatives contracts sent blue chips surging. Reports that the southwest monsoon had covered almost all of India ahead of its normal schedule and rains in June are now expected to be only 10 to 15 per cent below normal, boosted the market sentiment. But, volatility marked trading in some of the stocks.

Select side counters surged but many counters even dropped on profit-taking after a sharp recent surge. The market breadth weakened during the course of trading.

Turnover on the BSE was boosted by a massive block deal of Rs 796 crore that was executed in HDFC Bank. BSE clocked a turnover of Rs 3,801.99 crore compared with Wednesday’s Rs 2,702 crore.

HDFC Bank jumped 4.6 per cent to Rs 630.50. A massive block deal of 1.25 crore shares was executed in HDFC Bank on the BSE in early trade at Rs 634. The price of the block deal of Rs 634 was at a 5.2 per cent premium to Wednesday’s closing price of the stock of Rs 602.40.

Infosys gained 1.1 per cent to Rs 2,350 tracking a 2.5 per cent surge in its ADR on Wednesday to $77.42.

Wipro gained 1 per cent to Rs 762.10. The stock staged a solid rebound from the lower levels after initially falling following vice-chairman and president Vivek Paul’s resignation. TCS gained 1.2 per cent to Rs 1,350.

Reliance Industries shed 0.1 per cent to Rs 641.