BUSINESS

Sensex closes at a new peak of 10879



MUMBAI: Led by the top heavyweight Reliance Industries Ltd (RIL), the Bombay Stock Exchange sensitive index (Sensex) on Thursday once again turned to record setting spree after a brief pause and jumped by 77 points to a new closing peak of 10,878.74 in volatile trading, driven by sustained liquidity.

RIL, which has high weightage in the benchmark Sensex, attracted brisk activity and closed sharply up. Operators and retail investors, however, preferred to take profits at the day's higher levels and even squared up positions due to approaching expiry of March contract.

The BSE benchmark 30-share index (Sensex) fluctuated between 10,889.25 and 10,830.19 after opening strong at 10,859.39, and later closed the day at a new closing high of 10,878.74 against 10,801.72, a net rise of 77.02 points.

There was ample liquidity and the market remained upbeat despite concerns over some pressure on liquidity owing to the advance tax flows, brokers said. Foreign institutional investors and local mutual funds continued to make heavy purchases in equity after a public holiday on Wednesday, aiding the Sensex to near the 11,000-mark but brokers anticipated more volatility as it approached the crucial level, they added.

The FIIs and mutual funds had been consistent buyers since the last couple of weeks. The FIIs reported net investments of over Rs. 1,719 crore and mutual funds were net buyers to the tune of Rs. 1,277 crore in equity last week. PTI