Business Daily from THE HINDU group of publications
Thursday, Jun 22, 2006
Business Daily from THE HINDU group of publications Thursday, Jun 22, 2006 |
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Stock Markets Markets - Stock Markets Our Bureau
Mumbai , June 21 Capital market's bellwether index, the BSE-30 Sensex, closed above the 10,000-point level on Wednesday, the first time since June 6, as local buying, especially in mid-cap and small cap stocks, helped markets to recover some of the lost ground of recent weeks. On Wednesday, the Sensex closed at 10,040.14, up 217.62 points or 2.22 per cent from Tuesday. At this level, the Sensex is down 20.30 per cent from the peak of 12,612.38 of May 10. NSE's S&P CNX Nifty Index rose 62.15 points or 2.17 per cent to 2,923.45. All the indices ended in the green with BSE Small Cap Index being the biggest gainer at 4.11 per cent. Small cap and mid-cap stocks, which got a battering in the recent crash, have started to attract interest by investors, said dealers. Significantly, 724 stocks, mostly from the small and mid cap sector, were locked in the upper circuit. Frontline stocks including Reliance Industries (up 4.35 per cent to Rs 964.10), ITC Ltd (up 4.39 per cent to Rs 168.75) and Bharti Tele (up 4.69 per cent to Rs 369.65) led the rally. Dr Reddy's Laboratories was the biggest gainer on the Sensex, rising 7.01 per cent to Rs 1,348.35. "It is difficult to say whether the correction is over. Markets will be range bound for the short term," said a dealer with a domestic broking house. Foreign funds were net sellers on Wednesday to the tune of Rs 210.61 crore, according to provisional figures by the NSE. However, for June, FIIs are net buyers for Rs 1,307.70 crore. Mutual funds, on the other hand, are net sellers for Rs 2,242.65 crore in June.
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