Market players predicted the Sensex scaling a new all-time high during Wednesday's opening itself. The leading market indices, the BSE Sensex and the NSE's S&P CNX Nifty also created new records. And the day's activity, was mainly concentrated in pivotals like Telco, Tisco, Tata Tea, L&T, Gujarat Ambuja. There was some mild upward movement in HLL also.

While the BSE Sensex gained 62.32 points to close at 4792.10, its all-time high closing, the S&P CNX Nifty on the NSE also closed at its all-time high of 1382.65 points. During mid-day it also touched its all-time high of 1385.60. These apart, the NSE, at 4,46,275 trades, alsorecorded the highest number of trades since inception.

On Tuesday, the Sensex opened with a 33 points upside gap but touched the day's low at 4744.95 points during mid-session. However, a sudden spurt in the buying activities, during the last half-an-hour, lifted the Sensex around 25 points to close near the 4800-level against its Monday close of 4729.78 points. The Nifty, on the other hand, opened marginally higher at 1370.05, touched its all-time high and closed at 1382.65 against its previous close of 1369.70.

The sudden spurt in buying during the last half-hour is being attributed to short covering by NSE brokers. Last Thursday, after the markets went in for a big correction, operators had gone short in a number of counters. And Tuesday being the last day of the current settlement on the NSE, they had to cut positions to cover their losses which pushed the markets up.

For Wednesday, market players expect the Sensex to scale a new high. ``The market has been led by substantial non-institutionalactivity over the last half-a-dozen sessions. Tuesday's strong closing despite it being end of account on the NSE would suggest thet the BSE Sensex would scale a historic peak early Wednesday morning itself,'' says Maulik G Sharedalal at Kaji & Maulik Securities.

Therafter, some market players expect profit booking to set in which can take the market to close below Tuesday's closing. According to Chirag Sanghvi at Asit C Mehta Investment Intermediaries, ``we are looking at a Sensex level of 4850, but expect some selling pressure to come after the record levels which can take the index below today's closing level.''

GDR market weak

Investors in the GDR market looked the other way while their domestic counterparts danced to the tune of the bulls. The Skindia GDR Index was down 0.20 per cent at 908.21 points during mid-session on Tuesday even as the Sensex closed at its all-time high. Foreign investors have adopted a wait-and-watch ahead of the US Fed meeting which will review the interest rates. Inthe domestic market too, FIIs have been net sellers during the current month.With the exception of GDRs of hotel scrips, MTNL and Century Textiles, most other GDRs were in the negative territory on Tuesday.