Mumbai: Strong global cues and sustained foreign institutional buying helped the Sensex close at a new record score.
The last time the market bellwether, BSE Sensex touched a high was on May 11 when it went to 12671 points.
But the high was brief with the index slipping below the 9000 levels on June 14.
Subsequently a combination of receding oil prices, better than expected second quarter numbers from Infosys technologies and renewed buying interest from FIIs have resulted in the market touching a new high on Friday.
"Global money, positive cues from foreign markets and good results contributed to the new high," Churiwala securities MD Alok Churiwala.
But the matter of concern is much of the Bull Run can be attributed to retail investors or is it pure FII and institutional money, which is driving the market.
Market players say that FIIs and hedge funds are now seeing India as a long-term asset class. This justifies their renewed buying interest coupled with that are the retail investors who are buying very selectively and opting for indirect market instruments. These include instruments like the systematic investment plans, which are seeing an addition of one lakh new accounts every month.
"One of the best ways to counter the dominance of FIIs is thru large flows of money to SIPs," Kaycee Financial Services MD Jayesh Sheth.
All eyes are now on Monday when the indices are expected to continue their winning ways in the absence of any negative factors.
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