Larsen and Toubro, which was the top gainer among the Sensex stocks, was also the largest contributor, adding 336.09 points to the Sensex's total gains.

The stock gained 25 per cent from Rs 3,415.15 on October 15 to close at Rs 4,277.45 on Monday.

The three stocks contributed 62 per cent to the Sensex's total gains, while the top-six stocks, including Housing Development Finance Corporation [Get Quote] (HDFC [Get Quote]), Tata Steel [Get Quote] and HDFC Bank, accounted for 81 per cent of the total increase in the index. Of the 30-stock Sensex, sixteen stocks contributed 1,227.46 points to the index's rise, while the remaining fourteen reported a 308.81-point fall.

ICICI Bank, the second-largest contributor, added 252.75 points, while Reliance Industries accounted for 172.28 points in the current market rally.

The ICICI Bank stock gained 13.92 and Reliance Industries rose 6.14 per cent to Rs 2,827.65 (Rs 2,664.15).

HDFC (95.60 points) and HDFC Bank (63.36 points) made a  combined contribution of 158.96 points, while Tata Steel added 70.75 points and State Bank of India [Get Quote] (57.63 points) and BHEL (51.64 points) pushed the Sensex up with more than a 50-points increase each.

Bharti Airtel [Get Quote], Infosys Technologies [Get Quote] and Reliance Energy [Get Quote], which were among the top contributors in the earlier market rally, declined by 213.13 points during the period under review. Bharti Airtel fell 11.72 per cent (132.69 points) from Rs 1,126.75 on October 15 to Rs 994.65 on Monday.

VOICES

While the rally means Indian stocks are now trading at their most expensive, we expect more money to be allocated to Asia where investors can find growing economies.

Mark Matthews
Hong Kong-based strategist, Merrill Lynch

The market is now working on the greater fool theory; people who missed the rally are getting in, not realising that if the market tumbles, it will be the most painful exit they can have.

Gulbir Madan
Fund manager, Neptune Capital Management

The Sensex, trading at 19 times of the 2009 earnings, is not cheap, but it's not expensive either. I expect earnings to grow at 20 per cent by FY09. 

Chakri Lokapriya
Fund manager, BNP Paribas Asset Management UK

The Sensex, trading at 19 times of the 2009 earnings, is not cheap, but it's not expensive either. I expect earnings to grow at 20 per cent by FY09.