Sensex rides fast on auto scrips, hits all time high

Riding on hectic buying by funds in blue chips and auto, engineering and cement stocks

Riding on hectic buying by funds in blue chips and auto, engineering and cement stocks, the second quarter of 2007-08 opened on a bullish note with benchmark BSE index hitting a peak of 14,745.97 points, achieving the mark in 95 trading sessions since its previous high.

The 30 share sensitive index, opened strong at 14,685.16 and settled just 13.75 points up against the previous close of 14,650.51 at 14,664.26. It surpassed the previous closing peak of 14,652.09 scaled on February 8. However, the second wide-based National Stock Exchange index Nifty shed 4.55 points to settle at 4,313.75.

Friday’s inflation data, which showed inflation at a 14-month low of 4.03 per cent in mid-June also bolstered the market sentiment. “The new quarter of 2007-08 has started on a bullish note which could be strengthened further if companies post robust earnings for the March-June quarter which would be announced by the second week of this month,” an analyst with a domestic brokerage firm said.

Market observers forecast mixed trends ahead for the market, even as second-quarter earnings has been the major driver.

Re at 1-month high

MUMBAI: The rupee closed at its highest level in a month today, as exporters, including large software companies, repatriated profits, though gains were capped by an oil refiner that bought dollars through the day. The rupee ended at 40.65/ 66 per dollar, off its intra-day peak of 40.60 but at its highest finish since June 5.