Financial Daily from THE HINDU group of publications
Saturday, Dec 31, 2005
Financial Daily from THE HINDU group of publications Saturday, Dec 31, 2005 |
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Stock Markets Markets - Performance Stocks end 2005 on firm note; Sensex 3rd best in Asia Our Bureau
Mumbai , Dec. 30 STOCK prices remained firm on Friday, the last day of the current year with across the board buying pushing the BSE Sensex up 75 points. With today's close BSE Sensex gained 42 per cent this year and S&P CNX Nifty by 36 per cent. It has been mainly the strong FII inflows and mutual fund buying that kept the bourses at lifetime high levels during the year. FIIs made net investment of Rs 47,181 crore ($10.7 billion) this calendar year and mutual funds invested Rs 11,000 crore between April and December. India was the third best performing market in Asia this year. South Korea was the best performing market with returns of 54 per cent followed by Pakistan, which gained 53 per cent. In today's trading, stock prices were firm since morning and as the day progressed further gains were seen. But brokers said part of the firmness in the stock prices was due to the last of day of trading this year and this quarter when institutional investors like to keep the value of their investments at high levels. The performance of mutual funds and FIIs is analysed on the Net Asset Value (NAV) of their funds on the last day of each quarter. At close, BSE Sensex ended at 9,398, a gain of 75 points (0.80 per cent) and NSE's S&P CNX Nifty rose 14.6 points (0.52 per cent) to close at 2836.55 from its previous close. According to Motilal Oswal Securities, the market closing in the positive indicates that there is enough liquidity that could make the markets surge further. However, it said there is some element of volatility at these levels and investors should follow selective valuation-based approach. But the year was of mid-cap and small stocks as they were the best performers. Several FIIs and mutual funds made investments in such companies. Large funds like Templeton and Fidelity was more aggressive in these stocks.
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