Sensex up by 8.96 points, closes at new high

Mumbai, Feb 8: Continuing with its record-breaking spree on the Bombay Stock Exchange, the Sensex today closed at yet another high of 14652.09, posting a gain of 8.96 points, after a strong rally in select Public sector units.

The S&P Cnx Nifty too regained lost ground, but still closed marginally lower by 0.85 points at 4223.40 points over the previous close.

Reflecting the volatile mood, the 30-stock BSE Sensex opened higher at 14690.58 points. it shot up further, touching the day's high as well as a new life time high of 14697.69 points. But the benchmark index tumbled by 174.53 points from the day's high to touch the day's low of 14523.16 points.

However, the Sensex regained lost ground to finish at a comfortable level of 14652.09 points, netting a gain of 8.96 points from the previous close of 14643.13 points.

According to stock brokers, the reported approval to the three PSUs for initial public offers boosted mood at the PSU counters and SCI, Bhel and Punjab Tractors witnessed renewed buying interest.

The brokers said the Centre has reportedly approved public offers in Rural Electrification Corporation (REC), Power Grid Corporation (PGC) and National Hydroelectric Power Corporation (NHPC).

The development on the PSU front was picked up by the bulls to launch a buying spree in PSUs as well as several side counters, when the market was lacking for a clear directions from the world markets.

Apart from PSUs, shares from Banking, Consumer Goods, Oil and Gas did well today and posted handsome gains on good buying interest, dealers said.

UNI