FIIs' led bull run pushes Sensex ahead of US' Dow Jones

Mumbai, Apr 1 (UNI) The BSE Sensex closed above 11,000 mark on Monday for the first time after reaching the landmark during the earlier week.

Moreover, the bull run lifted the Bombay Stock Exchange (BSE) Sensitive Index (Sensex) above the US' Dow Jones industrial average on Wednesday morning.

Domestic markets were backed by the bull run in the global markets as well and the Japanese market index Nikkei closed above 17,000 mark on Thursday.

On the same day, the key index surpassed the 11,300 mark and closed at 11,307. On Friday, it touched an all-time high of 11,356.95 before it closed at 11,279.96 points with a weekly gain of 329.66 points or three per cent.

The National Stock Exchange(NSE) S&P CNX Nifty index also crossed 3,400 mark and closed at a new all-time high figure of 3,402.55, with a gain of 3.7 per cent or 122.75 points.

The foreign instituional investors (FIIs) and mutual funds engaged in fresh buying lifted the Sensex to new highs.

FIIs buying From Monday to Thursday touched Rs 1,518.30 crore, showing an increased inflow over the previous week's figure of Rs 686.80 crore, for the same period.

So tight was the grip of the FIIs over the domestic markets that soaring crude oil prices at USD 66-67 per barrel had no impact on the bull run.

On Monday, after days of virtually playing hide-and-seek since crossing the record 11,000 mark on March 14, the BSE Sensex closed above the 11,000 figure for the first time. It closed at 11,079 points with a gain of 128.72 points or 1.18 per cent.

On Tuesday, in a lacklustre trading the Sensex closed flat with a gain of seven points at 11,086.

On Wednesday, it was another all-time high close for the benchmark index at 11,183.48 with a gain of 97.45 points on the back of all round buying. It went ahead of US' Dow Jones industrial average that day at 11,154 points, as it touched a high of 11,157.75 in the early morning trade.

On Thursday, despite crude oil prices above USD 66 per barrel, it was another record-breaking close for Sensex as it zoomed by 123.56 points and closed at 11,307 after soaring to a new all-time high of 11,338.66. For the second day in a row, Sensex closed above Dow Jones industrial average close of 11,215.70.

Yesterday, the Sensex slipped 27 pts to 11,279.96 on profit-booking after touching an all-time high of 11,356.95 in intra-day trading.

It was for the sixth week in a row that markets closed higher. On Thursday, with the future and pptions (F&O) contracts for March set to expire, the combined turnovers were highest at 65,500 crore and Rs 47,272 crore for the F&O markets. Software and pharma companies' scrips were up as the US Federal Reserve announced 25 basis points hike in the Fed interest rate to 4.75 per cent, which boosted the export earnings of Indian companies as rupee plunged to 44.70 level.

Infosys, Satyam Computers, TCS and pharma majors Ranbaxy, Dr Reddy's Lab and Cipla gained on the prospects of better export earnings.

Ranbaxy Laboratories' stock was in limelight with three new acquisitions in its kitty, to an extent a fitting tribute to late Bhai Mohan Singh, its founder, who died a few days back.

On Wednesday, fired up by the news of acquisition of 96.7 per cent stake in Romanian generic drug manufacturer Terapia, Ranbaxy shot up by 3.36 per cent to Rs 411.15.

On Thursday again Ranbaxy gained a hefty 9.92 per cent to close at Rs 451.95, a gain of Rs 40.80 as it announced acquisition of a Belgian company - Ethimed.

Reliance Industries crossed the Rs 800 mark for the first time on Thursday after its demerger. On Friday, it had huge volume of more than 10.7 crore shares traded on BSE and NSE as it closed at a record Rs 796.25 per share.

Jet Airways gained 5.5 per cent to Rs 985 on Friday, backed by the report that the company will be able to take over the aircraft, routes, parking bays, landing slots and hangers now vested with Air Sahara.

ONGC too, gained heavily this week going up to Rs 1,336.60 on Thursday and its market capitalisation touched Rs 1,90,000 crore plus, far ahead of the market capitalisation of the largest private sector company - Reliance Industries - at Rs 1,10,000 crore.

''There was great interest among the investors in the metal stocks this week. Sugar stocks were also up on the news of price rise.

Smallcap and midcap shares too outperformed the market. Bank were not so much in demand as were the other service sector of commodities sizzled,'' an analyst said.

UNI