Indices continue to scale new peaks

22 June 2005

The indices surged right from the opening and maintained the trend till early in the afternoon. In the process, both the Sensex and Nifty broke all records and touched all time highs.

Early afternoon saw some volatility as selling emerged at higher levels. The indices however managed to close well above their previous all time closing highs.

Good buying by FII's over the last few days has given a lot of confidence to traders. There are reports that most FII's are receiving excellent response to India dedicated funds launched in Japan. Japanese investors are reportedly diverting their attention from China to India.

Sensex closed at 7145, up 69 points and the Nifty at 2187, up 17 points from yesterday's close. Nifty June futures discount to the spot narrowed marginally to 21 points from yesterday's 22 points.

Combined market volumes rose to a high Rs25,000 crore for the day, a level not seen since March of this year when the markets made its previous highs.

Among Nifty stocks, Zee Tele, M&M and HDFC were the major percentage gainers while HDFC Bank, SAIL and MTNL were the major losers.