Bulls are inching closer to the 10,000 level. The benchmark Sensex soared by 185 points to 9,870.79—a new all-time closing high—taking the index just 130 points away from the magical 10,000 level as frenzied bulls continued their buying spree. The NSE Nifty too ended at a new all-time closing high of 2982.75. With no correction in sight, the Sensex has flared up by 406 points (4.3 per cent) in the past three trading sessions, indicating a highly-bullish sentiment. The $22 billion Mittal Steel bid for French giant Arcelor boosted the market, especially metal stocks. Friday’s spurt came on the back of firm closing of the global markets. The Japan Nikkei 225 Index jumped 570 points (3.6 per cent) to end the day’s trading at 16,460.68, the highest one in more than five years on the back of Sony Corp’s surprisingly strong earnings which raised hopes about other technology firms. The Hong Kong’ Hang Seng Index was up 195 points (1.26 per cent) to 15,715.07. The US market ended firm overnight with the Dow Jones industrial average ending higher 99.73 points (0.93 per cent) at 10,809.47. Steel makers led the market rally to the 9,800 mark for the first time on Friday to a new closing high after Mittal Steel made a $22.3-billion offer for Arcelor, sparking hopes for more consolidation and better prices. Tata Steel jumped nearly 9 per cent to Rs 395.65 while state-run SAIL climbed nearly 7 per cent to Rs 57.85. Essar Steel gained 9 per cent to Rs 41.80. ‘‘The news has raised hopes that consolidation will enhance the pricing power of the top players,” said a BSE dealer.
