Sensex crosses 10k on strong fund flows

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Our Bureau

Mumbai, Feb. 7

SHARES continued their upward journey on strong fund flows with the Sensex closing above 10,000 points for the first time ever.

The Sensex closed at 10,082.28 points, higher by 101.86 points or 1.02 per cent from the previous close. In Tuesday's trade the Sensex touched a high of 10,099.58 points.

However, the market's breadth was narrower in comparison to Monday's session. The overall advance-decline ratio tended towards more declines indicating that the undertone was weak at this juncture. Barring a few frontline and other leading stocks, most stocks ended in the red region. The BSE-500 had 246 advances while 243 stocks declined.

At the small-cap level declines exceeded advances.

"There is a lot of money in the market. Both FIIs and domestic funds seem active. But there is no doubt that stocks are now looking expensive," said a fund manager at a domestic mutual fund.

Tuesday's stock price movement indicates a possible correction in the next couple of sessions, dealers said.

The S&P CNX Nifty of the National Stock Exchange touched an all-time high of 3025.10 but closed at 3020.10. Top gainers on NSE were SAIL, MTNL, Tata Motors, M&M and HDFC Bank. Top five losers included ONGC, Ranbaxy, Glaxo, Dabur and Hindustan Petroleum.

Dealers said bank stocks powered their way ahead in Tuesday's trade. Of the 18 bank stocks on BSE's Bankex, 17 moved up, the only exception being Punjab National Bank.

Related Stories:
Market scales 10k tower Sensex up 238 pts; Nifty gains 2 pc
The journey so far...
Sensex misses 10,000-mark; drops sharply

(This article was published in the Business Line print edition dated February 8, 2006)
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