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Up, up and away

The Bombay Stock Exchange Sensitive Index clocked its second highest ever closing in its history.

October 10, 2006

What a day it turned out to be for those who tread on Dalal Street! The Bombay Stock Exchange Sensitive Index clocked its second highest ever closing in its history, thanks to blue chips expectations of good Q2 results.

The Sensex rode high on Infosys's magnificent results coupled with high expectations of robust Q2 results from other blue chips and closed on Thursday at 12,538.

The day saw Infy and Reliance Industries posting more than two per cent gains propping the index. With this boost, many a broker is now hoping for the 13,000 mark of the Sensex as the festival of lights approaches.

The index had touched a high of 12,671 on May 11. And on Thursday it shot up by 184 points during the day to touch 12,537.98 points, crossing the previous second highest level of 12,513.86 clocked on May 9.

But then, many find something missing too. Reports from Dalal Street quoting a handful of brokers say that though the market has been on an upswing, retail investors were still keeping off. Reasoning it to institutional play, many hope things will see a change by Diwali.

Even as the index started the climb eying new highs, the market was witness to a revival of buying in heavyweight information technology, automobiles, oil and banking segment stocks. And by the mid session, when hopes of good second quarter results by blue chips started rolling in the market saw a flurry of fund-buying in these stocks. Among the IT majors, TCS, Wipro and Satyam posted good gains of more than three per cent, thanks to the expectations of a better Q2 show.


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