Financial Daily from THE HINDU group of publications
Saturday, Jan 28, 2006
Financial Daily from THE HINDU group of publications Saturday, Jan 28, 2006 |
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Stock Markets Markets - Stocks Sensex crosses 9,800-mark Our Bureau
Mumbai , Jan. 27 THE BSE-30 Sensex reached within a sniffing distance of the magical 10,000 points' mark on Friday, as stock markets continued to rally on foreign fund buying and better-than-expected third quarter earnings coupled with an anticipation of huge buying by mutual funds in the coming days. The Sensex ended at 9,870.79 points, up by 185.05 points (1.91 per cent) on Friday, just 129.21 points away from the 10,000-mark. During the week the index gained by about 350 points. The S&P CNX Nifty index also touched another record high on Friday to close at 2,982.75, up by 42.4 points. The bulls tracked the positive cues from the global markets. The Nikkei index gained by 3.58 per cent, Hang Seng index rose by 1.50 per cent and Taiwan Taiex gained by over 1.20 per cent. "The market is driven by frontline stocks. Further, the third quarter profits by companies have shown a 22-23 per cent growth, as compared to an expectation of 19 per cent growth," said Mr Jayprakash Sinha, Head (Research) of Kotak Securities. Analysts expect about Rs 8,000 crore to come into the stock markets from mutual funds alone in the coming days, as many of their new fund offers are receiving enthusiastic responses from investors. Foreign funds, which have pumped in over $10.7 billion in 2005 calendar, have already raised significant amount of money from Japan and other markets for investments in the Indian equity market. After lying low, FIIs have pumped in $179.60 million on January 25, which is the second biggest investment during a day by them this month.
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