Financial Daily from THE HINDU group of publications
Tuesday, Nov 01, 2005
Financial Daily from THE HINDU group of publications Tuesday, Nov 01, 2005 |
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Markets
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Commentary Columns - Sensor Diwali perks up market sentiment S. Muralidhar
WITH Diwali just around the corner, the stock markets witnessed a strong trend reversal on Monday. Opening the week's trade with a bang, the benchmarks surged ahead on the back of strong, sustained buying interest. The rally must have been a welcome break from the string of falls that the market has witnessed in the last four weeks. Monday's across-the-board spurt in stock prices may also be a turning point in the market. This signals a renewal in institutional interest, since FIIs have been net sellers during most of the sessions of the last one month. Most index heavyweights posted sizeable gains on Monday, even as the rally indicated clearly that buying interest was not just centred on blue chip stocks. A number of mid- and small-cap stocks also recorded gains, though volumes in these counters were no where near the kind of peaks witnessed a couple of months ago. The Sensex rocketed by 2.7 per cent to close at 7,892 points, a gain of about 207 points. It opened on a high note and had crossed the 7,900-point mark.There were 26 gainers out of the Sensex's 30 stocks. At the current level, the index is set marginally lower than its week-ago close and is almost down nine per cent from its month-ago close. But it is still up about 40 per cent compared to its year-ago close. Though the level of buying interest in second-rung stocks was not as high as in blue chips, mid-caps and small-caps also witnessed renewed buying support on Monday. The BSE mid-cap index was up 2.6 per cent. More than 75 per cent of the stocks in the index closed with gains, with the rise in prices coming during the second half of the day's session, by which time the frontline stocks had already seen their peaks.
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