Financial Daily from THE HINDU group of publications
Tuesday, Sep 06, 2005
Markets - Stock Markets
Sensex touches new intra-day high on FII, mutual fund buying
Mumbai , Sept. 5
IT'S a new week and market participants are poised in anticipation of a new high at the domestic bourses. Though the Sensex fell shy of the 8,000-level on Monday, brokers anticipate that the `sentimental' level will be touched soon.
This exuberance, however, is still within the boundaries of caution and their recommendation to investors continues to be one advising stock buys only at lower levels.
Enthused by fresh buying by foreign institutional investors and mutual funds, the indices soared in the morning, with the Sensex touching an all-time high of 7,983.33, a gain of 83.56 points from last week's close.
As the Sensex looked close to touching the 8,000-level, cautious investors chose to book profits and markets looked slippery in post-noon trade.
Overall, the Sensex ended the day with a gain of 25.47 points at 7,925.24.
The Nifty closed trade with a marginal gain of 7.15 points at 2,422.95, though it touched an intra-day high of 2,439.55.
Foreign institutional investors have been net buyers to the tune of Rs 918 crore in the first three days of this month.
Mutual funds have pumped in Rs 370 crore so far.
Market experts see continued fund interest in large-cap stocks and select mid-cap stocks.
"The index is likely to touch 8,000 soon, though it may not be sustained at that level," said a broker.
Banking stocks had a good day at the bourses, with NSE's Bank Nifty appreciating close to 1 per cent today.
Canara Bank, Kotak Bank and SBI all posted smart rally.
Metals, basic industries and pharmaceutical sectors saw appreciation in stock prices.
IT companies succumbed to profit booking.
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