The Hindu Business Line : Sensex up 77 points

After a day's gap in trading for Holi celebrations, the stock markets continued their bull run on Thursday with the key BSE-30 Sensex closing at an all-time high of 10878.74 points — up by 77.02 points from Tuesday.

The 50-stock index of S&P CNX Nifty shot up by 31.25 points (0.98 per cent) to end at 3226.60, compared to the previous close of 3195.35.

Dealers said foreign funds and domestic mutual funds were big buyers on the top counters. Auto, cement and banking stocks led the rally. Fund houses, such as Reliance AMC, are sitting on huge amounts of cash and this is expected to come into the marketsoon. "The equity culture is spreading to new towns," Mr Vikrant Gugnani, President, Reliance Capital Asset Management, told Business Line. The Reliance AMC created a record after it announced collection of Rs 5,750 crore for its new fund offer (NFO), beating the previous record by an NFO of UTI's Mastergain in 1992 (around Rs 4,700 crore). "We will start to invest in the coming days," he said.

Other recent NFOs such as SBI's Bluechip mobilised Rs 2,850 crore followed by UTI's Leadership scheme of around Rs 2,000 crore.

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