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FIIs step up buying; Sensex soars 104 points to beyond pre-Kargil level, 4125.25

Led by Hindustan Lever Limited, pivotals extended their gains further at the Bombay Stock Exchange for the second consecutive day, lifting the Sensex up by about 104 points or 2.58 per cent. There was heavy buying support from foreign institutional investors or FIIs, domestic funds and local operators today.

The Sensex has gained 223.52 points and has surpassed the pre-Kargil level of 4060 of May 25, dealers said.

The fast moving consumer goods giant HLL replaced State Bank of India as the day's favourite and remained in the forefront among the gainers on the BSE and the NSE, dealers said.

The HLL scrip closed higher by Rs 92 to Rs 2,407 from its previous close at the BSE.

The FIIs have made considerable purchases at the counters led by HLL, Mahindra & Mahindra, Gwalior, BHEL, L&T, MTNL, Gujarat Ambuja and Sterlite.

Reflecting the bullish phase, the 30-scrip Sensex opened at 4046.80 points, touched the day's high of 4140.53 points, a low of 4040.84 points, before closing at 4125.25 points, showing a net gain of 103.85 points over the previous close of 4021.40 points.

Analysts cited two reasons for the continuous bullish phase on the BSE: one, the spurt in global indices like Dow Industrial Average at New York, Nikkei in Japan and another expectation of end of Kargil conflict after world powers extended support to India's action.

The broad-based BSE-100 index gained by 35.31 points to 1764.25 points as against the previous close of 1728.94 points.

UNI

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