Monday, September 19 2005 18:04 Hrs (IST) - World Time -

Mumbai: Riding high on strong fundamentals and high liquidity, the Sensex today (Sept 19, 2005) crossed the 8400 level to hit new peaks even as investors awaited an imminent correction amid speculations of sustained FIIs inflows.

The Bombay Stock Exchange (BSE) Benchmark 30-share Index (Sensex) scaled a new intra-trade high of 8461.10 before ending at a new closing peak of 8444.84 against Friday's close of 8380.96, a net rise of 63.88 points or 0.76 per cent.

The Sensex, which has been setting new peaks every day since September one, spurted by over 639 points or 8.19 per cent in 12 trading days.

Foreign Institutional Investors (FIIs), which reported substantial net investments during last week, reportedly were heavy buyers in key counters.

The market needed a strong correction but consistent flow of investments pushed stock prices to dizzy heights, brokers said adding, "the market is rife with speculations that FIIs might pump in heavily in Indian equity in near future."

Korean and UK funds were believed to be making purchases in Indian bourses, brokers said.

Private mutual funds too were consistent buyers in blue chip as well as mid-cap and small-cap counters.

The market fundamentals are very strong but a big correction is eminent before the expiry of derivatives contract, a leading stocks broker said.

Heavyweights ITC, SBI, ICICI Bank, BHEL, HDFC Bank, Bajaj Auto, Maruti Udyog, Hero Honda, Tata Steel and L&T recorded sharp gains on fresh buying support.