Bulls take Sensex past 9,600 mark

Mumbai, Jan 4 | Updated: Jan 5 2006, 05:45am hrs
The bulls are back with a bang. The markets continued the upward march on Wednesday after a robust rise of 150-points in the Sensex on Tuesday. The 30-share Bombay Stock Exchange (BSE) Ltd's benchmark index Sensex gained a 109-point on Wednesday as investors, both retail and institutional, bet high on the future. FIIs, back with fresh allocations, also reported strong inflows.

The 30-share Sensex ended the day at 9,648.08, up 108.71 points. Most of the sectoral indices also hit a new 52-week high on Wednesday. The broader S&P CNX Nifty of the National Stock Exchange (NSE) closed above the 2,900-mark for the first-time ever at 2,904.40, gaining 21.05 points. The Asian markets also helped in lifting the sentiments. Both, Hang Seng and Nikkei, gained more than 250 points on Wednesday, backed by US markets overnight.

Analysts say investors are on a buying spree expecting further gains in the near future. "There are no sellers in the market. Everybody is on a buying spree. FIIs are also reporting strong numbers after a brief lull during the end of December," said Manish Shah, head (strategy), Motilal Oswal Securities.

FIIs were net buyers at Rs 466.60 crore in the cash market on Tuesday, after pumping in over $100 million each (over Rs 450 crore) on the previous two trading sessions. In the F&O segment, they were net buyers at Rs 67.13 crore on Tuesday. The turnover on BSE and NSE was higher at Rs 4,308.78 crore and Rs 7,118.38 crore, respectively. The market breadth was also strong with 1,434 stocks gaining ground on BSE, as against losers at 1,116.