Bourses brave deluge to hit new highs

Mumbai, Aug 1 | Updated: Aug 2 2005, 05:30am hrs
Heavy rains that lashed Mumbai failed to dampen the spirit at the stock exchanges with both the benchmark indices moving northwards to close at new all-time highs.

However, the turnover took a beating. A surge in the auto, power and cement frontlines saw the 30-share Sensex of the Stock Exchange, Mumbai (BSE) gain 34.03 points to close at 7,669.45. It gained 2.9% last week, its 13th consecutive weekly advance. The 50-share S&P CNX Nifty of the National Stock Exchange (NSE) also moved up by 5.75 points to close at 2,318.05.

Oil moving above the $ 61 mark also failed to affect the sentiments. The Sensex opened the day marginally lower at 7,632.01 and traded between an intra-day high and low of 7,681.11 and 7,596.74, respectively before closing with a gain of 0.45%.

Market breadth was negative with declines at 1,410 outnumbering advances at 1,070.

Sixty six stocks ended the day on a flat note.The turnover at BSE was lower at Rs 2,247.11 crore and that on NSE was Rs 5,556.19 crore. On Friday BSE had posted turnover of Rs 3,698.47 crore while it was Rs 8,829.31 crore on NSE. Market players said that heavy rains were the prime reasons for the fall in volumes. Vineet Birla, research analyst, Pranav Securities, said, Todays action was a mixed bag. The markets witnessed buying at lower levels.