The Hindu Business Line : Sensex up 90 on good corporate earnings buzz

STOCK markets soared for the fourth consecutive trading day today on prospects of better-than-expected corporate earnings for the July-September 2004 quarter. The Sensex touched a high of 5785.04, a gain of over 109 points in intra-day trade.

At the end of the trading day, Sensex had gained 90.76 points to close at 5766.30, an appreciation of 1.60 per cent.

The Nifty gained close to 30 points to end at 1805.65, up 1.72 per cent from Friday's closing.

Both the exchanges also recorded higher volumes today.

Analysts caution that though markets have been robust, despite the oil prices, a correction is in order at these levels.

"Expectations of good quarterly results are propping the market up. Impact of oil prices will probably wait till the fourth quarter of the calendar year, as sufficient reserves would have been built up," said Mr Samir Das, Fund Manager, LIC Mutual Fund.

Market players also attribute the bullishness to "non-business" reasons as well. "Traditionally, it has also been observed that the market does tend to be bullish before the festival season," said Mr Das.

Maruti Udyog registered the highest gain today amongst the Sensex stocks. The scrip closed at Rs 375.05, a gain of 5.25 per cent on the back of the reported 27 per cent growth in sales reported for September.

Gujarat Ambuja also witnessed a strong rally, based on its encouraging results, and the scrip gained Rs 13.65 on Monday's trade.

IT scrips also had a good day at the bourses. Wipro and Satyam netted gains of 3.85 per cent and 3.52 per cent respectively.

Scrips of Infosys were also in the green today, though its net gain at 1.44 per cent was much lower than the other frontline stocks in this sector.

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