The Telegraph
Since 1st March, 1999
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Market races to magic milestone

Mumbai, Oct. 13: Cash chased shares in a buying binge on bourses that took the sensex within sniffing distance of 5000 points, a height it last scaled three years back.

The Bombay Stock Exchange’s benchmark gauge settled at 4,849.27 points in a leap of 80.37 points amid frenzied purchases by foreign funds that have already shovelled Rs 2003.46 crore in the first two weeks of this month; they pumped in Rs 3848.4 crore in September. On Friday alone, they poured in Rs 517 crore.

“It’s a liquidity-driven rally,” said Karthik Ramakrishnan of Sunidhi Consultancy Services. He said the surge would continue as long as FIIs keep buying.

Infotech, cement and steel were the day’s best performers. Infosys vaulted 3.03 percent to Rs 4,748.10, extending its gains after Friday’s increase of 4 per cent. The glow rubbed off on Satyam Computer and Wipro.

ACC firmed up 2.6 per cent at Rs 208.55 and Larsen & Toubro 1.1 per cent at Rs 383.95. Tisco, the turnover topper, gained Rs 22.60 at Rs 341.50. PSU shares, shunned after divestment ran into a legal jam, clawed back. HPCL rose 5.6 per cent to Rs 353.95, while BPCL flared up 2.8 per cent to Rs 360.95. Their gains were fuelled by a government plea in the Supreme Court to reconsider the freeze on sale of oil firms. Reliance jumped on reports that FIIs, especially Janus Fund, have raised their investments in the company.

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