The market opened with the index at 4144, some 34 points above the previous close of 4144. The index hit a high of 4215, posting a gain of 48 points over the previous high of 4167. Even the low for the day was higher by 39 points at 4144. The index closed at 4210, posting a gain of 100 points over the previous close of 4110.

ITC continued to rise and closed at Rs 1097. It has risen from Rs 999 on June 15. Infosys rose from Rs 3080 to Rs 3326. This is a full eight per cent gain. Volume went up from Rs 11.6 crore to Rs 36 crore. MTNL rose to Rs 202. It has risen from the bottom of Rs 176 on June 16. Mahindra and Mahindra improved by just a rupee, in view of the gain made earlier.

Nestle rose to Rs 561 but closed with a modestgain at Rs 550. NIIT posted a 5.6 per cent gain as it had moved down substantially. It has the potential to keep the Sensex buoyant. On the other hand the strident rise in Infosys could invite profit booking. ITC too has reached a high, from where further rise would be strained.

Ranbaxy gained marginally on a small volume. But the on balance volume is now as low as was on April 16, when the scrip was at Rs 520. The scrip has been slow to rise, but has a target of Rs 640 in the immediate span ahead.

Reliance came up strongly with rise in volume. Never the less it is back again in the higher region, where oonw oould have to wait to see it stabilising or moving up further. At SBI volumes are low and the rise is muted. Bhel corrected itself for the slip of Friday and also made a small improvement.

Other counters that turned bullish today were Glaxo, ICICI, IDBI, Indian Hotel, Telco and Tisco. Software scrips appear to be on the come back trail. It now appearsthat the rupee exchange rate will definitely depreciate over the next six months. This should see improved margins for software companies. For the Sensex the daily stochastic has gone into the overbought region, but the RSI indicator points to the ability of sustaining the high levels after some inter-day correction.