Stocks

Sensex rises on P-Note cheer

Our Bureau Mumbai | Updated on March 12, 2018

The stock market witnessed a turnaround of fortunes on Friday mainly on account of fresh buying by foreign investors, said analysts.

Besides, the Finance Minister, Mr Pranab Mukherjee's clarification on participatory notes also boosted sentiment. Positive opening of European markets helped the market to sustain gains in the end hour.

None of the sectoral indices on the BSE ended in the red. The BSE Sensex closed at two-week high of 17,404.20, up 346 points or 2 per cent, and the NSE's Nifty closed at 5,295.55 with a gain of 117 points or 2.25 per cent The Finance Minister's clarification immediately struck a chord with foreign investors. FIIs turned net buyers by Rs 962.65 crore on the exchanges though domestic funds were net sellers by Rs 167.3 crore. FIIs were net sellers on the previous two days.

However, analysts advise caution. According to Mr C. J. George of Geojit Securities, market will move according to global fund flow. “If global flow resumes after the Finance Minister's clarification, then the market will sustain the gains. There is no new information on domestic front, which continues to face a lot of uncertainties.”

>badri@thehindu.co.in

Published on March 30, 2012

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