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Mon close: Sensex ends at record high

The BSE index surges by 73 points to close at a record high of 14,129.64 points on aggressive buying by funds, reports BSS Reddy.

india Updated: Jan 15, 2007 22:06 IST
BSS Reddy

The Sensex took another big leap on Monday, backed by heavyweights like Reliance Industries, L&T and Tata Steel.

But it lost more than half the gains due to subsequent profit-booking. Nevertheless, the benchmark closed at a record high of 14,129.64 points, a gain of 73.11 points. NSE Nifty rose 26 points to close at 4,078.40.

Though the Sensex remained largely range-bound, the mood appears positive, as reflected in the advances and declines data. Advances-stocks which gained in price-were nearly double the declines.

Mid-cap and small-cap stocks remained in the limelight, with gains of 1.34 per cent and 1.56 per cent respectively - double or triple the Sensex's 0.52 per cent gain.

RPG Cables, HCL Technologies and TCS results were in line with market expectations, even if not beating them. CMC zoomed 30 per cent to Rs 907.35 after it posted about 79 per cent growth in Q3 net profit.

Robust Index of Industrial Production (IIP) figures revived interest in capital goods stocks, including Siemens and ABB. Cement stocks found favour on news of a price hike by some companies.

Steel stocks gained on the expectation of price rise, making the BSE Metal index the leader of Monday's rally.

Steel Authority rose by over 10 per cent on an announcement that its capacity would be expanded to 40 million tonnes.

Looking ahead, Rahul Rege of Brics Securities said, "Cement stocks will continue to attract interest, while today's good results from IT stocks will keep their peers in spotlight."

FIIs seem to be increasing their presence in the market, of late. They were net investors during the last three days. However, further build up in short positions in the futures market on Monday indicates that there are many investors with a bearish outlook. But they may be in for a shock if the Bull Run continues.

Email BSS Reddy : Srinivasalu .reddy@hindustantimes.com