The Hindu Business Line : Sensex touches new high, crosses 8,900 intra-day

STOCK prices continued to rise with the BSE Sensex touching a new high and crossing 8,900-level on Saturday. However, some selling at higher levels pulled the index down to end below 8,900.

The three-hour trading was to test the stock exchanges' back-up systems.

Stock price opened firm in the morning and continued to rise. BSE Sensex touched a high of 8912 and closed the day at 8,889, up 38.82 points. NSE's S&P CNX Nifty rose 19.15 points to close at 2,683.45.

With Saturday's gain, BSE Sensex has risen 354 points in just four sessions.

Brokers said the rise in the stock price is on sustained buying by FIIs and mutual funds over the last few days.

"There is lot of fund buying and this is pushing the stock prices upwards," said a dealer with a domestic broking firm.

However, the rise in the stock prices on Saturday was not taken seriously by market players due to the absence of institutional investors.

Prominent stocks to rise in the day's trading included L&T, BHEL, Hero Honda, and Bharti Tele Ventures. There was buying in some mid-cap and small-cap stocks.

Overall the mood in the market remained optimistic and most of the traders expect the Sensex to go past the 9000-level soon.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

More Stories on : Stock Markets | Stocks

Stories in this Section
EU move to cut sugar subsidy may help its cause in WTO talks

Outgo on VAT compensation may be lower than Budget estimates

Sensex touches new high, crosses 8,900 intra-day

Demergers are the flavour; cos see more benefits

You may soon be compensated for power cuts

`Trooper' Singhania reaches newer heights