Sensex jumps to historic peak, ends losing six pts Wednesday, December 1 2004 17:25 Hrs (IST)
Mumbai:
The Sensex created history today (Dec 1, 2004), soaring to life-time high of 6272.68 during early trade before it succumbed to heavy profit booking to close the day six points down in highly volatile activity.
The BSE Benchmark 30-share Index breached the previous record of 6249.60 touched on January 9, 2004 and rallied smartly on the back of Monday's (Nov 22, 2004) hefty net investments of Rs 498.20 crore by FIIs. In the previous four trading sessions FIIs pumped in a whopping Rs 1708.10 crores.
However, heavy profit selling by operators and domestic mutual funds dramatically pulled the market down to the day's low of 6176.09 in the initial thirty minutes of trading.
Finally, the Sensex ended at 6227.83 as against yesterday's (Nov 30, 2004) close of 6234.29, a net loss of 6.46 points or 0.10 per cent.
Buying spree was strong enough to absorb sales made by local investors, which seemed to be awaiting the opportunity to make profits whenever the market reached dizzy heights.
Robust economic fundamentals, strong corporate performance and the Government's commitment to the reforms process that FIIs appear to be euphoric about, brokers said.
FIIs have pumped in over Rs 31,000 crore in bourses till November this year, making it the highest foreign investment in any calendar year. FIIs were believed to be heavy buyers in index-based counters during the day.
