Financial Daily from THE HINDU group of publications
Thursday, Nov 17, 2005
Financial Daily from THE HINDU group of publications Thursday, Nov 17, 2005 |
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Foreign Institutional Investors Markets - Stock Markets Sensex rises 102 pts on FII buying Our Bureau
Mumbai , Nov. 16 STOCK prices maintained their upward momentum for yet another day with the BSE Sensex gaining more than 100 points as investors bought blue-chip shares. The positive closing of most of the Asian markets further boosted market sentiment. The upturn in stock prices over the last two weeks was on the back of a fresh inflow of FII money into India and other emerging markets. Hopes that Indian companies are likely to sustain their growth also fuelled buying in Indian stocks. With today's rise, the BSE Sensex increased by almost 1,000 points in the last two and half weeks. The market opened firm in the morning and as the day progressed it further rose. During the day the BSE Sensex crossed the 8,600 level. However, some selling at higher levels brought the index to 8,595, still up 102 points. The NSE's, S&P CNX Nifty index rose 23 points to close at 2,582. The market's breadth was also positive with 1,434 stocks advancing and 1,026 shares declining on the BSE. Index-weighted stocks that were in limelight in today's trading were Infosys Technologies, Reliance Industries, Reliance Energy, ITC and SBI. `Mood upbeat': "The market's mood seems to be upbeat, though still ruled by selective buying, evident in volumes, which are picking up across the board. There could be some element of volatility at these levels," Motilal Oswal Securities said in a statement. Brokers said the overall mood in the market is optimistic, but they expect some correction from these levels. "Stock prices fell sharply recently and now they have risen very fast. Most of the investors have not been able to enter the market and now they are waiting for stock prices to fall to purchase shares," said a dealer with a domestic broking firm. He said the trend of the market would be decided by the FIIs' investments.
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