The Hindu Business Line : Sensex charged up, gains 124

THE 80-point run of the Sensex on Tuesday, it appears now, was just a warm-up. Bullish stock investors led a charge on Wednesday that saw the 30-share benchmark index of the Bombay Stock Exchange gain 121 points.

Across-the-board buying lifted all major indices today. The BSE Sensex gained nearly 3 per cent to close the day at 4356.39. Another similar rally could take it past its year-high of 4473. Not one Sensex stock declined today. The 50-share S&P CNX Nifty of the National Stock Exchange was up 3.30 per cent at 1,372.05.

Apart from the two leading indices, the BSE PSU index that measures the movement of stocks of major State-owned companies gained 3.14 per cent to end the day at 2770.28. BSE TECk, an index that represents technology stocks, surged the most ending 4.16 per cent higher at 962.74 from its previous closing level.

Dealers said foreign institutional investors were back in the market buying on a large scale at several counters. They said Thursday, the day when September futures contracts expire, would be a crucial day. Open interest was building up in October futures, they said.

However, some dealers are baffled by the FII investment figures for the week. According to the SEBI data, the FIIs were net buyers to the extent of about Rs 157 crore on Monday. On that day, the Sensex fell 65 points. The foreigners reversed the trend on Tuesday selling heavily. They were net sellers of Rs 108 crore. In spite of the pressure, the Sensex rose 80 points.

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