Sensex closes at dizzying high of 14 pts
Bulls went on a rampage, pushing the sensitive index to 13,773.59 points despite heavy selling by domestic mutual funds.india Updated: Nov 27, 2006 18:06 IST
Bulls went on a rampage on Monday and pushed the Bombay Stock Exchange benchmark Sensex to a dizzy high of 13,773.59, a smart gain of 70.26 points, despite selling by domestic mutual funds.
The BSE 30-share sensitive index opened slightly higher at 13,716.46 as against Friday's close of 13,703.33. It remained in the positive terrain throughout the day and after hitting a historic intra-day high of 13,799.08, ended at 13,773.59, a net gain of 0.51 per cent.
Similarly, the National Stock Exchange's (NSE) S&P CNX Nifty also rose by 18.05 points or 0.46 per cent to close at a new high of 3,968.90 from previous close of 3,950.85.
Among heavyweights, Bharti Airtel was the most sought after stocks on news that Sunil Mittal-led Bharti Enterprises today signed an agreement with the world's largest retailer Wal-Mart Stores, Inc for foraying in the retail business.
Short-coverings by operators ahead of end of November series on Thursday also fueled the rally in select share values, adding to the Sensex gains, dealers said.
"Bulls and bears are seen fighting with each other in the week which will see the expiry of November contracts and that would like to continue for couple of more days with volatile movements," they added.
Weakness in some of the index-based counters like RIL, HLL, BHEL, Infosys Tech and Dr Reddy curbed the Sensex rise.
Foreign Institutional Investors (FIIs) were net buyers in the last week and picked up shares worth Rs 2151 crore during that period including provisional figure of Rs 299 crore.