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Journalism of Courage
The bull run has once again taken the benchmark Sensex above the 5,000 level. Led by gains in old economy stocks, the 30-share BSE Sensitive Index shot up 55.78 points, or 1.12%, to 5,044.82, its third straight rally, on the Bombay Stock Exchange. BSE Sensex touched a low of 4,995.15 and a high of 5,050.56 in intra-day trades. It has gained 206.20 points for the week. The National Stock Exchange S&P CNX Nifty Index jumped up 16.90 points to 1,615.25. Sensex ended above the 5,000-level for the first time since November 12, 2003. While gains were broad-based, old economy – cement, automobile, metal and power – stocks were at the forefront of the rally. Bulls tightened their grip after the smooth expiry of the November series contracts on Thursday.
Heavyweights like Reliance Industries and SBI were significant gainers. Tech and pharma pivotals, which traded weak earlier, made a comeback later in the day. Media stocks strode into the limelight on renewed buying interest. MTNL (up 6.35% to Rs 120.50) sprang forth after recent weakness. Bharti Tele-Ventures (up 3.54% to Rs 84.85) gathered momentum towards the close.
