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Sensex touches all-time high of 4678 in intra-day trading, closes at 4615

The 30-scrip Sensitive Index or Sensex of the Bombay Stock Exchange spurted to an all-time-high of 4678, surpassing the decade's highest level of 4643 recorded in September 1994 in the intra-day trading today, before closing at 4615.20 points, adding another 29 points to yesterday's 223-point gain.

Buoyed by withdrawal of the Pakistani forces from Kargil paving the way for complete peace in India now perceived as headed for economic revival, foreign funds made agrressive purchases in fundamentally strong counters for the second consecutive day.

The Sensex has gained 421 points in last seven consecutive trading sessions at the BSE, which was also stated to be one of the major gains in the history of the country's premier bourse.

The broad-based BSE-100 index too rose further by 8.72 points at 1990.36 points from the previous close of 1981.64 points.

Reflecting the trend, the Sensex opened at 4652.19 points, nearly 66 points higher from the previous close of 4585.63 points, touched the day's high of 4678.28 points, a low of 4588.68 points before closing at 4615.20 points, showing a net gain of 29.57 points or 0.64 per cent from the previous close.

Dealers said that the global commodity prices have started moving up and the current rise is mainly confirmed to economic stocks also known as cyclicals.

Raman Parikh, one of the veteran stock brokers at the BSE, however atttibuted the bull run to aggressive buying by FIIs. "Nowadays, the market is only driven by FIIs and it is wrong to connect economic revival to the current rally," he said.

HPCL, BPCL, BHEL, ABB, L&T, ACC, Gujarat Ambuja Cement, Madras Cement and Grasim continue to perform better on the second day while SBI, Tisco rose shaply. Mahindra and Mahindra and Telco spurted on increased demand for heavy commercial vehicle.

The current market favourites -- software, pharmaceutical and FMCG sectors have taken the back seat and the current rally outperforms index heavyweight cyclicals, market sources said.

The BSE-200 and Dollex indices closed marginally higher by 2.07 and 0.83 points at 455.32 and 175.35 points as against the previous close of 453.25 and 174.52 points respectively.

Dealers said the market was buoyed by the Kargil success, allowing the Sensex to shoot up further after yesterday's surge.

UNI

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