The Hindu Business Line : Sensex at all-time closing high — Gains 77 points buoyed by FII inflows

THE bourses continued their dream run on Tuesday with the Sensex closing at 6,234.29 - its highest closing level ever. Foreign institutional investors continued to buoy the market, providing strong buying support on blue chip scrips.

The Sensex touched a high of 6,248.43 before shedding a little steam to reach the closing level. This high is a tad below its all-time intra-day high of 6,249.6 on January 9, 2004.

The index gained 76.52 points on Tuesday, an appreciation of 1.24 per cent from Monday's close.

The Nifty gained 19.15 points to close at 1,958.80, an appreciation of 0.99 per cent.

Even though records were beaten by the bourses on Tuesday, the market breadth was quite narrow. At the BSE, overall, only 599 scrips advanced, while 1,814 scrips declined. This is a reflection that retail investors, including high net worth individuals, are not participating in the rally, according to brokers.

Reliance group gains: Reliance group shares, except those of Reliance Industrial Infrastructure Ltd, continued their positive trend of Monday. Reliance Industries Ltd gained Rs 6.95 to close at Rs 516.75. Reliance Energy made gains of Rs 5.35 and ended the trade at Rs 560.65. Reliance Capital registered a gain of Rs 1.55, to close at Rs 138.80. However, Reliance Industrial Infrastructure Ltd shed a marginal Rs 0.60 to close at Rs 73.95.

Volumes were quite encouraging at the NSE on Tuesday with 40.95 crore shares, valued at Rs 5,803.99, changing hands. Comparatively, volumes at the beginning of this month stood at 19.42 crore shares, amounting to a total value of Rs 3,215 crore.

At the BSE, 27.33 crore shares worth Rs 2,346.21 were traded.

Mid-caps, the market favourites for the last few months, lost some of their glitter. CNX Midcap 200 was the only index to close in the red.

The index lost 28.7 points, wiping out 1.25 per cent of value on Tuesday's trade. Brokers attribute this to profit booking.

Market participants also say that although there is a lot of steam in the market, small investors are getting a bit jittery. Mid-caps might be volatile now, according to analysts.

Technology stocks had a good day at the bourses. BSETECk appreciated 1.7 per cent with scrips such as i-flex, Bharti Tele and Infosys gaining 3.21 per cent, 3.03 per cent and 2.75 per cent respectively.

Banking and metal stocks continued their forward movement, while auto counters witnessed some profit booking.

Analysts are divided over whether the market was getting over-heated. A section of the market is advising caution at these levels. Some brokers are advising profit booking on a scrip-to-scrip basis.

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Sensex at all-time closing high — Gains 77 points buoyed by FII inflows