Sensex, Nifty close at record highs

Mumbai, Aug 2 | Updated: Aug 3 2005, 05:30am hrs
Defying apprehensions from various quarters and led by oil and auto stocks, the benchmark indices of both the leading stock exchanges (SEs) closed at new highs. The 30-share Sensex of The Stock Exchange, Mumbai (BSE) and S&P CNX Nifty of the National Stock Exchange (NSE) closed at an all-time high of 7,756.04 and 2,353.65, respectively. The Sensex gained 86.59 points (up by 1.13%) while the Nifty gained 35.60 points or 1.54% on Tuesday. This is the seventh straight session during which both the indices have posted gains. They have gained 333 points and 88 points, respectively, in the last seven sessions beginning July 22.

Continuous upward march has resulted in the Sensex gaining 1,177 points (17.62%) in calendar 2005 till date while during the same period the Nifty is up 11.28% and has gained 239 points. Analysts attributed Tuesdays gains to sustained FII buying and the gains in Reliance Industries (RIL) and other oil sector as well as auto stocks.

Vineet Birla, dealer, Pranav Securities said, High FII inflows have continued. Oil and auto stocks led the rally today.

They were lagging behind in this rally and have caught up in todays rally. Many were exiting bank stocks that went a bit too high during the last week to enter oil and auto counters.

Index heavy weight, Reliance closed at a lifetime high of Rs 741.95. Other stocks that furthered their all-time highs were Reliance Capital (at Rs 475), Nestle (at Rs 809.90), NTPC (at Rs 100.40) and YES Bank (Rs 74.40) which clocked the highest volume on both exchanges.