Sensex at new closing peak of 10,282.09
The pre-Budget Survey, which was tabled in Parliament, helped the market maintain its uptrend throughout the trading session.india Updated: Feb 27, 2006 19:11 IST
The Bombay Stock Exchange benchmark Sensex on Monday rebound strongly after last weekend's downward correction and end 81 points up at a new closing peak of 10,282.09 points on sustained FII inflows, as the Economic Survey projected 8.1 per cent GDP growth and prescribed tax and labour reforms to boost industrial growth.
The pre-Budget Survey, which was tabled in Parliament on Monday, helped the market maintain its uptrend throughout the trading session.
The BSE's 30-share Index (Sensex) rallied smartly to the intra-day high of 10,296.22 and ended the day at an all-time closing peak of 10,282.09 against Friday's close of 10,200.76, a net rise of 81.33 points or 0.80 per cent.
Foreign Institutional Investors (FIIs), which reported net investments of over Rs 1,890 crore in the first four days of last week, remained the key driving force behind the market with fresh purchases in the Cash segment.
Terming the survey as favourable to the capital market, brokers said the prescription of bold policy reforms in oil sector, as well as tax and labour reforms, would help industry to become globally competitive.
The market is unlikely to turn weak unless FIIs begin pulling out investments. FIIs have reposed their confidence in the growing Indian economy which is considered to be more attractive than other asian countries, brokers added.
IT counters attracted keen buying interest. Infosys Tech. Satyam Computer, Wipro and TCS Ltd recorded sharp gains.
First Published: Feb 27, 2006 11:38 IST