The Hindu Business Line : Sensex up 70 points, touches all-time high

The Sensex, which touched an intra-day high of 7,902.19, closed at an all-time high of 7,876.15. This 70.72-point gain in the benchmark index was led by buying in heavyweights such as Bajaj Auto, Hero Honda, Wipro and NTPC.

The Nifty gained 0.88 per cent on Thursday's trade with a 21.1 per cent gain to close at its all-time high of 2,405.75. The recovery in the global markets helped buoy domestic sentiment, according to market participants.

Large corporate deals, including the outsourcing order won by TCS and Infosys from ABN Amro helped restore market bullishness. Market is also temporarily free from oil worries, with the let up in crude prices.

Infotech companies gained on the ABN Amro deal. While Infosys gained 2.13 per cent to close trade at Rs 2,426.75, TCS gained 0.95 per cent and ended trade at Rs 1,419.25. MphasiS BFL was the biggest gainer in the sector, with a 4.41 per cent rise in its stock price. The scrip closed at Rs 250.85.

Despite the slowdown in liquidity by foreign institutional investors, they have been net buyers for August. SEBI data indicates that the FIIs have pumped in Rs 5,051 crore during the month. Mutual funds have been net buyers to the tune of Rs 2,292 crore during the same period. Brokers say that the FII liquidity is expected to continue with news that the Scandinavian funds are now finding their way into the domestic bourses.

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