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Sensex surges on old economy stocks
Mumbai, Dec 27: Domestic shares rose to a 46-month closing high on Friday, led by old economy firms on hopes that an expanding economy will boost corporate profits.
Mumbai, Dec 27: Domestic shares rose to a 46-month closing high on Friday, led by old economy firms on hopes that an expanding economy will boost corporate profits.
Signs of continuing strong inflows from foreign funds in a month which traditionally sees a slowdown has also boosted market sentiment, they said.
The Sensex closed up 1.02 per cent at 5,699.24 points, its highest close since February 28, 2000. The marker has rallied about 18 per cent in five straight weeks and is now up about 69 per cent in 2003 — making it Asia’s second-best performer.
Gainers outpaced losers by a ratio of more than two to one in heavy trade of 222 million shares, compared with 220 million the previous day.
"There is a lot of interest in infrastructure companies as market expects huge orders from construction and energy firms," said C Sridhar, head of sales at B&K Securities.
Bureau Report
The Sensex closed up 1.02 per cent at 5,699.24 points, its highest close since February 28, 2000. The marker has rallied about 18 per cent in five straight weeks and is now up about 69 per cent in 2003 — making it Asia’s second-best performer.
Gainers outpaced losers by a ratio of more than two to one in heavy trade of 222 million shares, compared with 220 million the previous day.
"There is a lot of interest in infrastructure companies as market expects huge orders from construction and energy firms," said C Sridhar, head of sales at B&K Securities.
Bureau Report