The Hindu : Business : Sensex touches 8200-level

Online edition of India's National Newspaper
Wednesday, Sep 14, 2005

Business

Business

Sensex touches 8200-level

MUMBAI: The Bombay Stock Exchange 30-share Sensex on Tuesday soared past the 8200-level for the first time before ending at a new closing peak of 8193.96 on hectic purchases by private mutual funds amid steady movements in global crude prices.

A robust growth in exports coupled with expectations of higher farm output had sentimental impact on the market.

Overcoming initial pressure, the benchmark sensitive index later rallied smartly to touch an intra-trade record high of 8202.04 before ending at 8193.96 against yesterday's close of 8138.42, a net rise of 55.54 points.

Private mutual funds were believed to be heavy buyers in key counters but foreign institutional investors, who reported meagre net sales of Rs. 50 crore last weekend, made selective purchases.

Despite signals for caution and selective approach, the present rally is expected to push the Sensex to 8400-level before any correction, brokers said adding that, "A big correction at this level will be good for the health of the market."

India's exports recorded a robust growth of nearly 25 per cent at about $7.3 billion in August while Finance Minister, P. Chidambaram, expected agriculture to grow by three-four per cent for the economy to sustain a high eight per cent growth.

PTI

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