Date:05/07/2005 URL: http://www.thehindubusinessline.com/2005/07/05/stories/2005070503100100.htm

Back FII buying pushes Sensex to all-time high of 7,277

Our Bureau

Mumbai , July 4

CONTINUED buying by foreign institutional investors took the benchmark indices to yet another record high on Monday.

The Sensex gained 66.54 points to close at an all-time high of 7,277.31. The Nifty added 18.75 points and ended trade at 2,230.65, after touching an intra-day high of 2,232.20.

Aggressive buying in counters such as Tata Power, Infosys Technologies and HDFC Bank moved the Sensex up. Tata Power gained 3.07 per cent to close at Rs 397.60.

The technology pack gained ahead of results announcement. They were also boosted by the US factory and consumer confidence reports.

Infosys Technologies gained Rs 44.05 to close at Rs 2,394.85, up 1.87 per cent from its previous close. HDFC Bank added Rs 13.75 and closed at Rs 631.70. Both the BSE and the NSE posted positive advance-decline ratios for the day. At the BSE, 1,710 scrips advanced, while 797 declined and the NSE reported 625 advances and 202 declines.

Media stocks posted a smart rally today. NDTV touched its 52-week high of Rs 251.75, before ending trade at Rs 248.40. TV Today was locked at the upper circuit with the stock ending trade at 20 per cent gain at Rs 101.30. Zee Telefilms gained Rs 6.70 to close at Rs 161.25.

Market experts say that foreign institutional investors were the large buyers. Domestic participants have taken a cautious stance and feel the market is due for a correction.