Mumbai: Notwithstanding rise in inflation rate to four-year high, the Sensex today (Sep 10, 2004) spurted by 71.82 points to close above 5300-mark at 5370.05 on the stock exchange on hectic all-round buying and extended winning streak to sixth successive session.

The day's closing level was not seen after May 13, 2004 when it closed at 5399.47 on fall of NDA (National Democratic Alliance)-led Government at the centre.

Despite a rise in inflation rate by 0.16 per cent to a new four-year high at 8.33 per cent for the week ended August 28, share prices rallied sharply on sustained buying by operators as well as retail investors.

Dealers said that bull operators were reluctant to surrender their dominance even though rise in inflation rate and global crude oil prices to $ 44.61 a barrel.

The upsurge in the Sensex could be gauged by sharp to moderate rise in 27 out of 30 index-based scrips.

The BSE-30 share sensitive index opened firm at 5305.42 and immediately touched a low of 5281.06. Later, emergence of buying at lower levels pushed up Sensex to a high of 5376.65 before concluding at 5370.05, up by 1.36 per cent.

Pharma stocks continued to be in the limelight on investment buying by institutional investors.

Despite the recalling of its verdict given in favour of ITC Ltd on granting excise duty relief in the Rs 803 crore alleged evasion case by the Supreme Court yesterday, the share prices ended sharply higher.