Business Daily from THE HINDU group of publications
Thursday, Oct 11, 2007
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Business Daily from THE HINDU group of publications Thursday, Oct 11, 2007 ePaper |
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Stock Markets Markets - Foreign Institutional Investors Our Bureau Mumbai, Oct.10 The bull rally on the bourse continues unabated. After the highest single-day gain on Tuesday, the benchmark indices at both the BSE and the NSE rose by another two percentage points on Wednesday. At BSE, the Sensex closed at 18,658.25 while the NSE’s Nifty ended the day at 5,441.45. “It is basically the India growth story as the markets are very bullish and this rally was more or less driven by money supply as there is heavy interest in Indian stocks,” said Mr Jaideep Bhattacharya, Chief Marketing Officer, UTI Mutual Fund. The rising interest from overseas in the markets here seems to bump up Sensex. “There are almost 33 new FIIs which have registered in the month of September and this seems to be adding to the aggressive buying from overseas,” said Ms Anita Gandhi, Head of Institutional Business, Arihant Capital Markets Ltd. The decision of the Left parties and the Congress to meet again on the question of the nuclear deal and hopes for a compromise continue to keep the market sentiment positive, believe market players. But there is also a note of caution. “Rally in the index does not always represent what is happening in the total capital market space and sometimes the rally has been based on sentiments and speculation rather than fundamentals”, cautions a broker. “Tomorrow is the D-day, with Infosys announcing their quarter results, we will have to wait and watch how the market reacts,” said Mr Prashant Bhansali, Director, Mehta Equites Ltd. Sensex whizzes past 18,000; posts highest intra-day gain Sensex at 18K – Time to turn cautious Small investors miss the bus More Stories on : Stock Markets | Foreign Institutional Investors
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