Bulls continued their forward march as strong liquidity boosted share prices across the board. Both the Sensex and Nifty scaled lifetime highs as the market sentiment was supported by advance of the monsoon and cooling off of global crude oil prices from record high of above $60 a barrel.Sensex jumped 66.54 points or 0.92 per cent to settle at a lifetime closing high of 7,277.31. The S&P CNX Nifty gained 18.75 points or 0.85 per cent to settle an all time closing high of 2,230.65.Small and medium cap firms shot up further on heavy buying. The BSE Small Cap Index jumped 65.89 points or 1.4 per cent to 4,526.17. BSE Mid Cap index gained 61.67 points or 1.8 per cent to 3,416.38.Bulls were aided by the sustained buying by foreign investors. FIIs purchased shares worth Rs 5,328.60 crore in June 2005. This was in contrast to an outflow of Rs 1,140 crore in May 2005. Most recent FII purchases were from Japanese and Taiwanese funds. A number of international fund houses have launched India-dedicated funds in Japan and Taiwan.From a low of 6,195.15 on May 2, 2005, Sensex has gained 1,082.16 points or 17.4 per cent within two months to 7,277.31.‘‘The sustained FII inflow has ensured adequate liquidity in the market. FIIs are propping up the market. At this rate, the Sensex will cross 8,000 in the month of July,’’ said an NSE dealer.
