Wednesday, Jun 08, 2005
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MUMBAI: Led by bank stocks, the market on Tuesday turned firm at the fag end and lifted the Sensex by 23 points, extending the gaining streak to the fourth straight session on late buying support from local funds amid slowdown in foreign institutional investment inflows. The BSE benchmark 30-share index opened fractionally down at 6756.60 and later moved narrowly between 6795.03 and 6737.09 before ending the day at 6781.25 against yesterday's close of 6758.19, a net rise of 23.06 points. Domestic mutual funds, which had been net sellers in the past few days, were believed to be heavy buyers during the last 30 minutes of the session, brokers said. Foreign institutional investors seemed to have slowed down their purchases and reportedly were selective buyers after making hefty net investments of over Rs. 1,159 crore last week. After narrow movements during the large part of session, activity picked up at the fag end following the entry of local funds, brokers added. Meanwhile, global oil prices fell below $55 level and were quoted at $54.30 a barrel in Asian trade. Bank shares hogged the limelight and scored impressive gains on the back of buying from institutional investors. HDFC Bank, SBI, ICICI Bank, Punjab National Bank, Bank of Baroda, Bank of India and others recorded remarkable gains. As a result, the BSE Bankex spurted by 114.29 points or 2.96 per cent to 3970.95. — PTI
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