Financial Daily from THE HINDU group of publications
Tuesday, Feb 07, 2006
Financial Daily from THE HINDU group of publications Tuesday, Feb 07, 2006 |
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Stock Markets Markets - Events Market scales 10k tower — Sensex up 238 pts; Nifty gains 2 pc Our Bureau
Mumbai , Feb. 6 AFTER a week spent testing the heights, the BSE Sensex finally crossed the 10,000-point mark on Monday before retreating to close in the more familiar terrain of 9,980.42 points, up 237.84 from the previous day's close. The new milestone, reached minutes before trading session's end, was greeted with applause and cheer across securities firms in the city. "There was so much shouting and loud clapping in our office that most of the people from neighbouring offices rushed in to join the celebration. We distributed pedhas," said Mr Alok Nanavaty, Director, V.K. Nanavaty Share & Stock Brokers Ltd.
At its highest, the Sensex touched 10,002.83 points. Of the 30 Sensex stocks, 29 moved up, the sole exception being Wipro, which slipped by Rs 1.45 to Rs 514.25. The biggest gainer was ICICI Bank, up by over 6 per cent. Sustained FII interest in Indian stocks and further expected inflows from mutual funds kept shares on an upward momentum, said Mr Rahul Rege, Senior Vice-President, Sharekhan. The uptrend at other Asian bourses also boosted sentiment, dealers said. Three recent New Fund Offers (NFOs) from mutual funds — UTI, SBI Mutual Fund and Fidelity — had garnered money in excess of Rs 5,000 crore. Ample liquidity in the form of FII and MF investments into the market coupled with buoyant economic growth have helped the market's steady upward movement, said Mr R. Sreesankar, Head - Research, IL&FS Investsmart Ltd. FIIs have invested $1.18 billion so far in Indian stocks in 2006. According to Mr Nanavaty, the trigger for today's sudden surge was the recent correction. "Last week, the markets had moved down by 350-400 points. But the undertone is strong. RBI's revision of GDP growth from 7-7.5 to 8 per cent also augurs well," he said. The advance-decline ratio for most indices was positive. Nifty rises: The S&P CNX Nifty moved up by 2.04 per cent to end at 3000.45. Of the 50 Nifty stocks, 42 moved up. Top five gainers were ICICI Bank, Ranbaxy, Sun Pharma, Glaxo and Dabur. However, a segment of the market advised caution. "Today's was a sharp ascent. It is time to be cautious. Much of the upturn was limited to frontline stocks. This is the time for serious profit booking," said Mr Rajan Shah, Chief Investment Officer, Angel Broking. According to Mr Andrew Holland, Executive Vice-President, DSP Merrill Lynch, stocks valuations were quite stretched. "The market's breadth was not too good. A few stocks ramped up the index. No doubt, the 10,000-mark calls for celebration but it is business as usual," said Mr Raamdeo Agrawal, Managing Director, Motilal Oswal Securities. The overall trend in the market was seen as firm, though a correction was not ruled out.
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