Sensex shoots up by 94 pts

Bulls have turned euphoric on Dalal Street again. The BSE Sensex ended close to the 5,000-mark on Thursday on the back of sustained buying in blue-chip stocks. The BSE Sensex ended with a smart gain of 94.45 points, or 1.93 per cent, at 4,989.04. Sensex touched a low of 4,907.38 and a high of 5,000.41 during intra-day trades. The National Stock Exchange S&P CNX Nifty Index also gained 29.70 points to end at 1,598.35.

The market displayed strength throughout the session on the back of buying by foreign funds. With the US market remaining closed on Thursday on account of Thanksgiving Day, traders turned active in tech counters. The mood of the market remained optimistic throughout the session despite the expiry of the November series futures contract, and the recent slowdown in FII inflows. ‘‘The smooth rollover of derivatives positions indicated that investors are still bullish,’’ said a broker, adding, ‘‘The overhang of futures expiry kept traders edgy. I think, the market should resume the uptrend and manufacturing companies should be at the forefront.’’

FIIs pulled out a net Rs 24.60 crore on Monday, compared to the measly inflow of Rs 2 crore on Friday. FIIs have invested a net Rs 2,704 crore in equities so far this month (till November 24, 2003). This is much lower than their record monthly inflow of Rs 6,797.50 crore in October 2003. Sensex hit the 5,000 mark for the first time in three years in the first week of November. ‘‘Thursday’s rise is significant as FIIs have slowed down their purchases in India. Sensex is now likely to cross the 5,000 level again,’’ said a stock dealer.

Infosys Tech (up 4.11 per cent to Rs 4,927.80) and Satyam Computer (up 1.16 per cent to Rs 327.20) also gained ground following overnight gains in the US markets and improved outlook for the tech sector.

	Sterlite scrip jumps 470% in 4 mths
			ENS ECONOMIC BUREAU MUMBAI, NOVEMBER 27 The steep rise in the stock—ahead of the London listing of Sterlite group-owned Vedanta Resources—in the last three months has surprised Sterlite’s shareholders and analysts. From Rs 275 on July 21, 2003, the stock has jumped 470.5 per cent to its current level of Rs 1,569. Over a longer period, the stock has risen 10 times (1,062 per cent) from Rs 135 on November 25, 2002. The benchmark Sensex had risen by only 72 per cent from the April low level to the 5,000 mark earlier this month. A company official attributed the high share price to the current bull run which has seen almost all stocks doing well and metal scrips in particular. ‘‘Besides, the company’s turnover has reached $980 million which is net of taxes,’’ he said. On Thursday the scrip of the metal giant spurted by 6 per cent and hit its all-time high of Rs 1,599 in morning trades.