The Hindu : Business : Sensex edges up on FII buying

Online edition of India's National Newspaper
Tuesday, Aug 10, 2004

Business

Business

Sensex edges up on FII buying

MUMBAI, AUG. 9. Stocks overcame early resistance and rallied smartly aiding the Sensex recoup 36 points at close on the Stock Exchange here today on late buying support from operators on the back of selective purchases by foreign institutional investors. FIIs were believed to be heavy buyers in cement and bank stocks after the midsession.

The BSE benchmark 30-share index which had fallen to the day's low of 5154.32 in the first half of the session, later made a turnaround on emergence of buying support and ended at 5233.21 against last Friday's close of 5196.99, a net rise of 36.22 points.

Attributing early pressure to extremely weak trend on Wall Street last weekend due to rising crude oil prices and the high inflation rate, brokers said the market later discounted these factors as FIIs made fairly heavy purchases in blue chip counters. Market players said good rainfall across the country had a positive impact on the market. The Dow Jones Industrial Average and the Nasdaq Composite Index lost over 321 points and 74 points respectively on August 5 and 6. The domestic inflation too has soared to 7.51 per cent, the highest in the last two years, on August 6. SBI, ICICI Bank, Reliance Energy, Tata Power, Hero Honda, Bajaj Auto, BHEL, Wipro, Hindalco, ACC, GACL and a few others attracted fairly good activity following buying by foreign funds.

The volume of business fell sharply to Rs. 1,734.14 crores from Rs. 2,157.38 crores last Friday. SBI was the most active scrip with the highest turnover of Rs. 170.94 crores followed by Tisco (Rs. 158.62 crores) and RIL (Rs. 130.02 crores).

PTI

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