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Sensex salutes New Year with 76-point gain

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Our Bureau

Mumbai, Jan. 3

IT'S a New Year, and the bourses continue to gallop ahead in the bull-run, with the Nifty closing at an all time high of 2115 on Monday.

The Sensex also touched an all time high of 6684.77, before closing comfortably at 6679.20, up 76.51 points.

Overall, the Nifty gained 34.5 points from its previous close of 2080.5 and posted gains of 1.66 per cent, to close at 2115.

Broad based trading buoyed by comfort with all the economic indicators and expectations of good corporate results were the main features of the day, according to market participants.

The sentiment in the bourses is one of continued bullishness, a trend that brokers see lasting till the first of the corporate results start trickling in towards the end of next week.

Reliance Energy (REL) registered the highest gain among the index stocks, despite the announcement of Mr Anil Ambani's resignation from the group company IPCL Ltd.

REL stock gained Rs 37.45 to close at Rs 561.85, an appreciation of 7.14 per cent during Monday's trade. Stock of IPCL gained Rs 9.90 to close at Rs 192.20 at NSE on Monday.

Bharti Tele and Hero Honda also registered gains of over five per cent among the Sensex stocks.

Consumer durables, auto, oil and gas and technology sectors had a good day at the bourses.

Mid-cap stocks also had a thumping day at the bourses with the CNX Mid Cap 200 gaining 50.5 points and ended the day's trade at 2645.95, a gain of 1.95 per cent.

Among the banking stocks, J&K Bank, Andhra Bank and Indian Overseas Bank witnessed smart rallies. J&K Bank gained 7.11 per cent to close at Rs 411.

The banking rally is on the back of expectations of a hike in FDI limit and possible mergers between public sector banks that would result in "well rounded banks," according to an analyst with a large broking firm.

(This article was published in the Business Line print edition dated January 4, 2005)
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