The Hindu Business Line : Sensex hits new high, up 124 pts

The stock markets continued to scale new highs on Thursday with the benchmark BSE 30-share Sensex gaining 123.56 points to touch 11307.04. This is the fifth straight record for the Sensex, which is 91.34 points higher than Dow. The S&P CNX Nifty Index of NSE also gained 64.75 points to 3418.95 — another all-time high.

The rally was led by Ranbaxy, which rose by Rs 40.80 (9.92 per cent) to Rs 451.95, after it announced the acquisition of Romanian pharmaceutical firm Terapia yesterday. Technology major TCS Ltd rose by Rs 68.90 (3.63 per cent) to Rs 1968.15, while Wipro Ltd rose to Rs 563.80, up by Rs 21.30 (3.9 per cent). ONGC, another key index stock, surged by Rs 46.20 (3.58 per cent) to Rs 1336.60. HDFC Bank gained by Rs 23.65 (3.17 per cent) to Rs 770.60, while ITC Ltd closed higher by Rs 5.40 (2.79 per cent) to Rs 198.85.

Overall, 1,716 stocks on BSE closed higher from yesterday, while 757 stocks ended lower.

Dealers said the stocks are being bought by foreign funds, which are also looking out to mid-cap and small caps stocks as well. The BSE Small Cap index rose by 100.45 points to 6515.55, while the BSE Mid Cap index gained by 52.08 points to 5249.36.

Foreign funds bought $83.70 million on Wednesday, making their total net purchase of Indian stocks at $1.374 billion (Rs 6092.40 crore) during this month. The foreign funds have made net investments of $3.872 billion during this calendar, after it bought record $10.7 billion in the 2005 calendar.

Mutual funds, which are flush with funds, have been net buyers during the last few trading sessions, dealers said. They have bought about Rs 1,000 crore worth stocks in the first two trading sessions of this week.

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