Monday: Sensex scores highest gains since May 18, 2004
Sensex continued its record setting spree and crossed a new landmark of 11,500.india Updated: Apr 04, 2006 11:34 IST
Led by a sharp rally by top heavyweights Infosys Tech and Reliance Industries, the stock market on Monday once again turned extremely strong after a brief weekend pause and its benchmark index flared up by an amazing 284 points to end at yet a new closing peak of 11,564.36 on sustained flow of funds.
This is the largest single session rise since May 18, 2004, when the Bombay Stock Exchange (BSE) benchmark 30-share Index (Sensex) gained by 371.86 points.
The Sensex continued its record setting spree and crossed a new landmark of 11,500 to scale an all-time intra-trade peak of 11,579.10 and even ended the day at fresh closing peak of 11,564.36 against Friday's close of 11,279.96, a net rise of 284.40 points or 2.52 per cent.
Crediting the across-the-board buying support largely to unabated flow of funds from institutional investors, market players said investors have turned strongly bullish following high expectations of excellent Q4 corporate earnings and the proposed massive public issue by Reliance Petroluem.
Foreign Institutional Investors (FIIs) and local Mutual funds, which have been consistent net buyers during March, pumped in over Rs 10,500 crore, the highest ever in a single month so far.
Joining the bandwagon, operators and retail investors too have started enlarging their commitments for derivatives April contract, besides fairly good purchases in cash segment.
The small-cap and mid-cap segments also witnessed fairly heavy activity from institutional investors.
The sentiment was boosted by a strong trend in Asian markets.