Sensex touches new all-time high of 4896

MUMBAI, AUG 27: The uptrend continued on the Bombay Stock Exchange (BSE) today with bulls lifting the Sensex to a new all-time intra-day ...

MUMBAI, AUG 27: The uptrend continued on the Bombay Stock Exchange (BSE) today with bulls lifting the Sensex to a new all-time intra-day high of 4896.09. Share prices led by cement shares spurted on sustained speculative buying coupled with fresh purchases from foreign funds and local financial institutions.

Sensex opened remarkably higher at 4875.28 and moved in a range of 4896.09 and 4851.60 before closing at 4870.66 with a net gain of 24.30 points as compared to yesterday’s close of 4846.36. The BSE-100 index improved further by 11.38 points to 2183.88 from previous close of 2172.50.

Even though it was the last session for the current settlement, there was strong optimism that the Sensex would hit the magic 5000 mark by next week as the bull run was likely to be powered on the back of FIIs net purchase position for the current week. Local operators and FIIs went after cement scrips which scored impressive gains on the reckoning that the industry that had already seen a turnaround, has bright prospectsfollowing the government’s focus on infrastructure and housing sector.

In spite of higher net outstanding positions as the badla is expected to be normal at about 21 per cent per annum with the market flushed with funds prompting them to hold their long positions. In the specified group, 15 stocks including index scrips like GACL, Grasim, Indian Hotel and TISCO hit the upper circuit filter after exhausting the daily limit. Of the 148 traded specified shares, 68 registered sharp to handsome gains while 80 showed moderate falls.

Strong hopes of a domestic economic recovery drove up value-based and speculative purchases by retail and institutional participants, dealers said. "There is some foreign buying interest coming in," said a dealer at one foreign brokerage. "The cyclicals are doing well at the expense of software. At this rate, Sensex may touch 5,000 soon."

Ranbaxy was the most active scrip with a turnover of Rs 357.43 crore of the total volume of business of Rs 2552.20 crore substantially higherthan Rs 2057.62 crore posted yesterday.

Ranbaxy shot up by Rs 46.80 to Rs 1061.80 on speculative buying. ACC firmed up by Rs 12 to Rs 257, Zee Telefilms by Rs 243.60 to Rs 3289.15, Larsen by Rs 3.35 to Rs 410.60, Reliance by Rs 3.25 to Rs 184.25, TELCO by Rs 2.50 to Rs 310.50 and TISCO by Rs 12.35 to Rs 168.30 on buying support.