Business Daily from THE HINDU group of publications
Saturday, Jun 17, 2006
Business Daily from THE HINDU group of publications Saturday, Jun 17, 2006 |
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Stock Markets Markets - Stock Markets Our Bureau
Mumbai , June 16 Key Indian indices continued their upward trend for the second consecutive day, taking a cue from firm Asian markets. Thursday's surge of 616 points continued to spill over on Friday, with the BSE Sensex gaining 3.5 per cent to end the day at 9,884.51, up 339.45. The Nifty rose 3.2 per cent to settle at 2,890.35, up 91.55 points. The last two sessions' gains appear to have wiped out the losses made in the first three trading sessions of the week. However, the Sensex is unable to sustain gains above the psychological barrier of 10,000 on account of selling pressure in the final hour of trading, dealers said. Though profit booking kept the session volatile, the market breadth remained largely positive. The Sensex saw a surge of almost 574 points intra-day, before paring of some of its gains at close. "In just two trading sessions we have almost seen a 1,000-point rally; that is more than a 10 per cent gain," said a broker. Close on the euphoria over the Bank of Japan's postponement of an interest rate hike, indications that the Fed may not be looking at an aggressive rate hike added to the feel good factor on the bourses. However, industry experts refused to take a call on which way the markets are headed. "One should not forget that the economic situation in the US warrants a rate hike. Postponement of a rate hike should not be the basis for euphoria. Japan has adopted a wait-and-watch attitude and in all likelihood will take its cue from the US," said the institutional head of a reputed broking firm.
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