Sensex up 41 pts

Mumbai, Aug 4 | Updated: Aug 5 2005, 05:32am hrs
Continued buying by FIIs, rising global markets and a spurt in select index heavyweights helped the 30-share Sensex of The Stock Exchange, Mumbai (BSE) close at an all-time high of 7,797.08, up 0.52% or 40.61 points.

The Sensex touched an intra-day high and low of 7,826.36 and 7,756.97, respectively, before settling close to the 7,800-mark. The broader 50-share S&P CNX Nifty of the National Stock Exchange (NSE) gained 0.46% or 10.8 points to close at 2,367.8 points. Market players are of the view that investors have become quite selective and stock-specific news has become the guiding force. Gagan Banga, chief marketing officer, India Bulls Financial, said, trading was dependent on news flow today. The metal index gained on the expectation that steel prices would go up. The was no big gap between advances and declines, which implies that market participants were very selective.

The turnover on both BSE and NSE was pegged lower at Rs 3,920.60 crore and Rs 7,563.08 crore, respectively. The market breadth was positive with advances at 1,429 outnumbering declines at 1,105. FIIs were net buyers on Wednesday at Rs 279.80 crore.

While, BSE IT was the biggest loser among the sectoral indices sliding 0.92%, BSE Consumer Durables continued the rally, gaining 4.01% and led the gainers pack. It was followed by BSE Metal (up 3%) and BSE Oil & Gas (up 0.93%). L&T topped the gainers pack among the Sensex stocks surging 5.67% or Rs 73.25 to close at Rs 1,364.80. It has bagged two major contracts valued at Rs 1,550 crore from Tata Steel. It was followed by BHEL (up 5.41% at Rs 1,076.65) and Tata Steel (up 4.28% at Rs 383.85). Ranbaxy Laboratories, Reliance Industries Ltd, Hindalco and ACC also closed in the black. Infosys slid 1.91% or Rs 44.95 to close at Rs 2,312.15 and led the losers pack. Tata Motors, ONGC, HDFC, Satyam, TCS, NTPC and ICICI Bank also witnessed selling pressures and closed in the red.