Stock indices across major bourses zoomed following Pakistan's decision to withdraw troops from Kargil.
The Bombay Stock Exchange (BSE) Sensex touched an all-time high of 4810 during the week to finish at 4639.94, gaining 277.07 points.
The S&P CNX Nifty also touched a high of 1341.10 before closing at 1324.25, up 70.25 points over the previous week's close.
The rally was led by cyclicals with many touching new 52-week highs during the week on the back of sustained buying interest, both institutional and speculative.
Among the stocks that posted handsome gains were ACC, BHEL, Grasim, Reliance, Tisco and Telco.
However, there was some profit-booking towards the end of the week, mainly triggered by disappointing first quarter numbers of Tisco and Telco.
Among software stocks, Infosys was the biggest gainer crossing the Rs 5,000 mark. Players attributed the buying frenzy to the huge premium at which the scrip was quoting on the ADR market.
With no negative news in the offing, players feel that the market would be buoyant during the week.
Calcutta: Cheerful conditions marked trading on the Calcutta Stock Exchange during the week ended July 16 with share prices racing to establish new peak levels in a host of cases reflecting aggressive bull support as well as some amount of investment buying.
The bulls received a shot in the arm in the wake of continued support forthcoming from the foreign funds who are reported to have picked up new parcels of some of the leading counters.
The bull run stayed in the market till the eve of settlement held on Thursday pushing up prices as well as the indices to new tops each day. The business volume recorded a sharp rise because of the broadened interest of buyers.
Significantly, some of the hitherto neglected counters too found buyers helping them to move forward sharply in the current bull charge. And though the best levels were not always maintained, they still retained part of the gains despite profit-taking.
The main influence behind the current uptrend in the country's bourses was the end to the Kargil border skirmishes with Pakistan-backed intruders and that country's regulars withdrawing in most of the sub sectors.
Besides operators felt that but for the border development, the market had been cruising comfortably towards an uptrend. That trend had now come, they said adding that the mood was certain to remain upbeat in the weeks to come.
ACC shot up to close to Rs 233.80 against Rs 197.30, Castrol at Rs 458 against Rs 430.50, Satyam Computer at Rs 1,357.50 from Rs 1,206.50, Pentafour Software at Rs
