Financial Daily from THE HINDU group of publications
Saturday, Nov 12, 2005
Financial Daily from THE HINDU group of publications Saturday, Nov 12, 2005 |
|
|
|
|
|
|
|
Home Page
-
Stock Markets Markets - Stock Markets FII buying drives Sensex up 162 — Investors coming back, says dealers Our Bureau
Mumbai , Nov. 11 AFTER a two-day gap, stock prices resumed their upward movement as FIIs made fresh purchases driving the BSE Sensex up by 162 points. The upturn across most international equity markets and the decline in crude prices to a five-and-half month low at $58 a barrel boosted market sentiment. With today's gain, the BSE Sensex has risen by almost 800 points from a low of 7,656 touched on October 28. Stock prices opened firm, taking a cue from the overnight US and Friday's Asian markets. As the day progressed they rose further. The BSE Sensex rose 162.11 points (1.95 per cent) to close at 8,471.04. The NSE's S&P CNX Nifty rose 47.95 (1.92 per cent) to close at 2,548.65. Most of the Asian markets remained firm. Japan's Nikkei Index rose 0.5 per cent, Hong Kong Hang Seng rose 0.7 per cent, South Korea Kopsi index rose 1.8 per cent and Singapore Strait Times index rose 0.3 per cent. Brokers said there was across the board buying. "Most of the investors who had vanished after the crash of last month are coming back," said a dealer with a domestic broking firm. Most of the traders were surprised over the sharp jump in stock prices. The market has staged a solid rebound from the lower level in the past few days following resumption of FII buying, while other investors have resorted to bargain hunting after a sharp fall in share prices. Volume in the cash and derivatives market has also improved this week. Last week's gain in the stock prices were on low volume. In today's trade, turnover on the BSE was Rs 2,829.88 crore and on the NSE it was Rs 5,713.63 crore. The advance decline ratio was also positive on the BSE with seven shares advancing for decline in three shares, an indication of a broad base rise in stock prices. Brokers said sentiment in the equity market has improved due to fresh buying from FIIs. They have been net buyers in equity to the tune of Rs 1,388.6 crore this month. Last month, they were net sellers worth Rs 3,694-crore of equity. "Our market is driven mostly by FII inflows. If they make fresh purchases, a further rise in possible and if they start selling, there would be a fall in stock prices," said a dealer with a foreign broking firm.
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2005, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|