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RIL leads Sensex to new closing peak

Sensex once again turned to record setting spree as it jumped 77 pts to close at a new peak of 10,878.74.

india Updated: Mar 16, 2006 17:30 IST

Led by the top heavyweight Reliance Industries Ltd (RIL), the Bombay Stock Exchange on Thursday once again turned to record setting spree after a brief pause and jumped by 77 points to a new closing peak of 10,878.74 in volatile trade, driven by sustained liquidity.

RIL, which has high weightage in the benchmark Sensex, attracted brisk activity and closed sharply up.

Operators and retail investors, however, preferred to book profits at the day's higher levels and even squared up positions due to approaching expiry of March contract.

The Bombay Stock Exchange (BSE) Benchmark 30-share Index (Sensex) fluctuated irregularly in a range of 10,889.25 and 10,830.19 after opening strong at 10,859.39, and later ended the day at a new closing high of 10,878.74 against last close of 10,801.72, a net rise of 77.02 points or 0.71 per cent.

There was ample liquidity and the market remained upbeat despite concerns over some pressure on liquidity owing to the advance tax flows, brokers said.

Foreign Institutional Investors (FIIs) as well as local mutual funds continued to make heavy purchases in equity after a public holiday yesterday, aiding the sensex to near the 11,000 mark but brokers anticipated more volatility as it approached the crucial level, they added.

FIIs and mutual funds had been consistent buyers since the last couple of week. FIIs reported net investments of over Rs 1,719 crore and mutual funds were net buyers to the tune of Rs 1,277 crore in equity during last week.

First Published: Mar 16, 2006 10:54 IST