The key market indices, Sensex and Nifty, scaled new peaks on brisk buying by foreign and domestic funds, even as Reliance Industries' stock touches its all-time high.
MUMBAI: The stock market zoomed to new peaks with the benchmark BSE Sensex gaining 249 points to settle at 15,550.13 following a sharp rally in index-heaviest Reliance
Industries and other blue-chip stocks.
RIL shares flared up by 4.2 per cent to a life-time high of Rs 1,896.45, on the company's announcement of a hydrocarbon discovery in the Cauvery deep-water basin.
Robust earning season and consistent buying spree by global investors buoyed the market sentiment. As many as 67 stocks scaled new peaks today. These include Bharti Airtel, Reliance Communications, Idea Cellular, Grasim, IPCL and ICRA.
Major corporates, including Ranbaxy Lab, DLF Ltd and L&T released encouraging first quarter earnings during the day.
Besides RIL, RCOM and Grasim, other major gainers include Tata Motors, Bajaj Auto, Infosys, ACC and Larsen and Toubro.
The BSE barometer hit an all-time trading high of 15,593.31 before ending the day with a 1.63 per cent gain over Wednesday's close of 15,301.17.
Similarly, the broad-based S&P CNX Nifty of the National Stock Exchange (NSE) also scaled a new trading peak of 4,573 before ending at a life-time high of 4,562.10, a net rise of
62.55 points or 1.39 per cent over previous close of 4,499.55.
Though domestic investors shied away from the spiraling market, Foreign Institutional Investors (FIIs) remained the principal driving force behind it, expanding their exposure and injecting a record amount of funds into Indian equity, market players said.
FIIs have pumped in $4.7 billion in 13 days between June 29 and July 17, taking their net investments to $8.5 billion so far in the current year against the total net inflows of $7.99 billion in 2006.
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