12,454: The bull run continues

Mumbai, Sept 29 | Updated: Sep 30 2006, 06:23am hrs
The robust growth of the economy was reflected on the benchmark indices of leading bourses on Friday. The indices traded in positive territory for most of the day as news of GDP climbing to a healthy 8.9% poured in.

The 30-share Sensex of the BSE rose for the fourth consecutive day and ended the week at 12,454.42, up 73.68 points. In the last one week, the index has gained nearly 2% or 218 points. The broader S&P CNX Nifty of the NSE closed at 3,588.40, after gaining 16.65 points.

Said Devesh Kumar, head-equities, ICICI Securities, The gains were primarily because of the impressive GDP numbers released today. The bourses are slowly and steadily moving towards the all-time high levels. The previous high is likely to be breached and then one might see some amount of correction and consolidation.

The market breadth was also strong as more than 1,600 stocks gained ground on the BSE, against only 896 losers. The sentiments were further lifted with the strong trends witnessed in most Asian markets.

Foreign investors have also resumed buying activity with a renewed vigour. On Friday, FIIs were net buyers at Rs 903.53 crore in the cash segment.

The Sensex pack saw the auto majors posting impressive gains. A steady fall in crude prices has acted as a positive trigger for most auto stocks. Maruti Udyog was the top performer with a gain of 4.12% or Rs 38.80. Tata Motors and Bajaj Auto also moved northwards on Friday. In all, 22 stocks in the Sensex pack gained ground on Friday.