FIIs drive rally, Sensex hits 15K

The Bombay Stock Exchange (BSE) benchmark index, Sensex, crossed the 15,000-mark for the first time bolstered by sustained FII inflows.

Both the key market indices - Sensex and Nifty - hit all-time intra-trade highs and ended the week at new closing peaks on the back of expectations of robust first quarter earnings and easing concerns about a rate hike.

The Sensex touched a new trading high of 15,007.22 before ending the week at 14,964.12, a net rise of 313.61 points (2.14%) over the last weekend close of 14,650.51.

The broader S&P CNX Nifty of the National Stock Exchange (NSE) hit a life-time trading peak of 4,411.00, and closed the week at 4,384.85, netting a hefty gain of 66.55 points (1.54%) over the last weekend close of 4,318.30.

The market discounted a small rise in inflation, which rose to 4.13% in the week ended June 23 from 4.03% in the preceding week - well below the central bank's tolerance level.

FIIs have invested $6.4 billion so far in the current calendar year as against $7.9 billion in 2006. Inflows amounted to Rs 9,089 crore (including provisional numbers for July 6) in six days between June 29 and July 6.