Saturday, February 25 2006 12:25 Hrs (IST) - World Time -

Mumbai: The Stock market once again turned strong after adjusting to a downward correction in the preceding week and the Sensex soared by 2.20 per cent to a new peak at 10,304.88 in the week under review on the back of heavy FII inflows coupled with sustained buying support.

Foreign Institutional Investors (FIIs) were the principal driving force behind the market with a hefty net investments of over Rs 1,890 crore in the first four sessions of the week.

The market had consolidated its position having corrected by 130 points during the preceding week and fresh buying spree from FIIs in the week lifted the Bombay Stock Exchange (BSE) Benchmark 30-share Index (Sensex) to an all-time high of 10,304.88 on February 23.

In the week ending February 24, the sensex also hit a new closing peak of 10,244.05 before ending the week at 10,200.76 against last weekend's close of 9,981.11, a net rise of 219.65 points over previous week.

The bounce in stock prices was largely credited to expiry of derivatives contract on February 23, as investors were engaged in hectic shortcovering in the first four days.

Market remained bullish on the back of robust economic growth coupled with projections of higher GDP growth rate in the next fiscal.

PSU shares hogges the limelight scoring sharp gains. As a result, the BSE PSU Index jumped by 229.56 points to end the week at 5,726.38 from previous weekend's close of 5,496.82.

Domestic Mutual Funds, however, reported net sales of Rs 212.8 crore. They were booking profits at the prevailing higher price levels.