Business Daily from THE HINDU group of publications
Friday, Nov 23, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Nov 23, 2007 ePaper | Mobile/PDA Version |
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Stock Markets Markets - Stocks 
Our Bureau Mumbai, Nov. 22 The dampening effect of weak global cues continued through Thursday as well when the Sensex ended in the red for the sixth consecutive day. It was a day of high volatility, the Sensex tacking up and down a 560-point range before closing at 18,526.32, 76 points lower from Wednesday’s close The broader S&P CNX Nifty dropped by 2.73 per cent to close at 5,409.15. Foreign institutional investors (FIIs) were net sellers for Rs 2,487 crore. On Wednesday they were net sellers for Rs 2,007 crore . “As the yen is getting stronger, the yen carry trade is getting affected and some trading positions on those counters are being wound up, affecting FII flows,” said Mr Jignesh Desai, Head of Institutional Sales, SBICAP Securities. Domestic institutions were net buyers for Rs 1,341.15 crore as they picked up stocks at lower levels. Some marketmen felt that FIIs were only shuffling their portfolios, and were getting in at lower levels. “There was short covering in the afternoon session, and a lot of fresh buying too, which helped the markets recover,” said Mr Desai. All BSE sectoral indices except BSE-Auto, BSE- Bankex and BSE-FMCG were in the red with BSE-Realty down 4.99 per cent, BSE-CG 2.53 per cent, and BSE-Power 2.25 per cent. Sensex takes a 678-point knock on weak global cues Firm Sensex may see sideways movement FIIs and the rising rupee FIIs net sellers of Rs 4,200 cr More Stories on : Stock Markets | Stocks
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