The Hindu Business Line : Bull run continues; Sensex at 6,563

THE bourses continued their breathless bull run on Tuesday, with the Sensex registering yet another high. The 30-stock benchmark index consolidated on its 6,500-plus position on Monday and gained a further 50.45 margin lead to close at 6,563.48. This aggregates to a rise of over 335 points for the index since December 1, 2004.

The current market euphoria is buoyed by continued FII inflows, stable oil prices and expectations of sound corporate results.

Market participants said that there is a certain amount of irrational exuberance at the bourses now.

Even though the market has grown by over five per cent in just 20 trading sessions, economic, corporate and market fundamentals remain the same. "The market is entering a stage of irrational enthusiasm now," said a leading broker.

Today the rally was led by metals, banking, and pharmaceutical stocks. Midcap companies also had a good trading day.

The Nifty touched a high of 1,795.25 before closing at 1,794.05. The CNX Midcap 200 index registered an appreciation of 1.31 per cent to close at 2,565. Tata Steel, Hindalco, and HPCL were the big gainers among the Sensex stocks. Institutional buying, both foreign and domestic, was indicated in technology stocks like TCS, Mphasis BFL, etc., in anticipation of strong results.

Many steel stocks hit the upper circuit, as the market was abuzz with possibilities of a further price hike and expectations of good results.

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