Mumbai, Nov 3: Continued bull run in the old economy stocks, led by the index stocks ACC, Telco and Grasim, helped the Sensex to break the upper level of 3900 mark on Friday. On the last day of the settlement on the BSE, shares of the manufacturing companies rose sharply on value buying by FIIs.Market witnessed active buying from the beginning with cement major ACC hitting the upper circuit with a rise of 11.46 per cent to touch Rs 111.35.
Another Tata group company, Telco stock was the other active scrip rising by 11 per cent at Rs 85.75. "Today the rally was more broad based across the various sectors. Cement, automobile, FMCG sector stocks were seen increasing in line with the global markets where these stocks are in good demand," Parag Parikh Securities, vice president (equities) Hanu Bahtia said.
He said the rise of over 1000 points in the Dow Jones Industrial Average in the last few days has also added to the positive sentiment in the brick and mortar companies.
The Sensex opened above the 3900 mark on Friday and touched a high of 3960 and at the end closed at 3935, registering a rise of 60 points. At the NSE, S&P CNX Nifty also gained 17.2 points with the index closing at 1242.
Dealers said the large quantity of FIIs were seen picking stocks of in Telco, Zee, Satyam, Digital among others. Cement stocks were also in the limelight with ACC and Gujarat Ambuja Cement gaining substantially. Other stocks in the gainers list included Trent Ltd, McDowell, Indian Rayon, Crisil and Castrol.
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