Business Daily from THE HINDU group of publications
Saturday, Sep 20, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Saturday, Sep 20, 2008 ePaper | Mobile/PDA Version | Audio |
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Stock Markets Markets - Foreign Institutional Investors Our Bureau Mumbai, Sept. 19 The domestic benchmark indices gained by more than 5 per cent on Friday as foreign institutional investors turned net buyers after a week of heavy selling, tracking sentiment in the global markets which saw a complete turnaround from the previous day. Most of the buying was in the index stocks, said brokers. The Sensex opened with a postive gap of 448 points taking cues from the Asian markets that opened strong and the record single-day gain in the overnight US markets. The Sensex closed at 14,042, up 726 points, and the Nifty at 4245. Assurances from New Delhi that the US crisis would not have much of an impact on the Indian economy also brightened sentiment. “There was a whole lot of short-covering in the market and also some amount of buying. However, the domestic financial institutions were not seen buying so much, the buying seem to have come more from the FIIs,” said Ms Anita Gandhi, Head of Institutional Business, Arihant Capital Markets Ltd. FIIs were net buyers of equities for Rs 1016.18 crore. Domestic financial institutions, which bought heavily on Thursday, were net buyers of shares for only Rs 43.91 crore, provisional BSE-NSE data indicated. Nifty September 2008 futures were at 4283.10, at a premium of 37.85 points to the spot close. ICICI Bank closed with over 9 per cent gain after its MD and CEO, Mr K.V. Kamath, told a section of the media that the bank’s financials were quite healthy. Reliance Industries gained 6.16 per cent to close at Rs 2051. FIIs seem to be on a bulk selling spree the past week FIIs continue selling spree Shares with higher FII holding may come under pressure More Stories on : Stock Markets | Foreign Institutional Investors
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