The Hindu Business Line : Bull charge continues

AFTER the BSE Sensex, it was the turn of the NSE's Nifty to create history as it touched an all-time high today. The Sensex also closed at an all-time high.

The S&P CNX Nifty touched 2,196.45 before closing at 2,187.35, up 17.35 points (0.8 per cent). Its previous high was 2,183.45 on March 9.

The BSE Sensex, after touching a high of 7,167.32, closed the day at 7,145.34, up 68.82 points (0.97 per cent).

Despite frenzied buying in most of the index stocks, the overall breadth of the market remained negative for the third day in row.

For every 10 shares that gained, there were 15 that moved down on the BSE. A similar trend was seen on the NSE.

Brokers said that the sharp rise in index stocks this week was mainly due to strong purchases by FIIs.

Players did not rule out a fall from these levels as the markets are overheated.

They said that the movement of stock prices was very skewed in favour of index stocks and most of the retail and high net worth investors are selling in small cap and mid-cap stocks. A month back, the opposite trend was seen.

"The market is completely ignoring two developments - the hike in domestic petroleum prices and international crude prices ruling at new high levels," said a dealer at a domestic broking firm.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Season's first `low' over Bay by early next week

Dabhol lenders reach accord with GE, Bechtel

More vehicle makers foray into components biz

Steep drop in marine hull insurance rates

Orissa inks MoU with POSCO — Biggest-ever FDI investment at Rs 51,000 cr

Orissa sets terms for iron ore export

Bull charge continues

Japanese investors buying heavily

Bond prices rise as market turns upbeat

Pocket