Financial Daily from THE HINDU group of publications
Thursday, Aug 18, 2005
Financial Daily from THE HINDU group of publications Thursday, Aug 18, 2005 |
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Foreign Institutional Investors Markets - Stock Markets FIIs send markets on a bull run; Sensex gains 91 points Our Bureau
Stock dealers in Mumbai are excited after the Sensex touched an all-time high on Wednesday. - Paul Noronha
Mumbai , Aug. 17 WHEN foreign institutional investors are in full flow, nothing, it seems, will come in the way of the bulls. In what has over the last two months become a mundane development, the markets witnessed yet another record-breaking day on Wednesday, with both the Sensex and the Nifty touching all-time high levels.
The Sensex teased the 7,900-level touching an intra-day high of 7,870.62, but shed a little to profit booking at the close of trade to end the day at 7,859.53. Overall, the index added 91.29 points to its tally on Wednesday, an appreciation of 1.18 per cent. The Nifty closed above the 2,400-level at 2,403.15 with a 33.35-point rise from Tuesday's close of 2,369.80. The 50-stock benchmark index touched an intra-day high of 4,244.90 today. Market analysts, who have been advocating caution over the last 500-800 point rise in the Sensex attribute the day's activity to continued liquidity brought in by FIIs. Among their emerging markets' portfolio, India has been a `top of the pack' performer and this is channelling more funds into the Indian bourses, they say. Data from Securities and Exchange Board of India indicates that FIIs were net buyers to the tune of Rs 17.60 crore on Tuesday. Foreign funds worth over Rs 4,256 crore have come in, during the first fortnight of this month. "With inflows like this, valuations, fundamentals and conditions of business environment take a back seat. Investors should realise this is a pure momentum player in the market now," said the chief investment officer of a mutual fund house. The Sensex was buoyed by buying interest in ONGC, with analysts expecting the government to raise oil prices shortly. The scrip gained close to 5 per cent on Wednesday's trade, adding Rs 47.45 to close at Rs 1,003.95.
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