The Hindu : Business : Frenzied buying lifts Sensex by 192 points

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Saturday, Mar 11, 2006

Business

Business

Frenzied buying lifts Sensex by 192 points

MUMBAI: A frenzied buying by foreign and domestic funds drove the bulls in the capital market, whose key index on Friday shot up by 191.62 points to a new closing peak of 10,765.16 after touching an intra-day high of 10,782.34.

The Bombay Stock Exchange benchmark Sensex opened on a better note at 10,581.64 against the previous close of 10,573.54 and finished at 10,765.16, revealing a steep rally of 191.62 points or 1.81 per cent.

Foreign institutional investors, the main driving force behind the rally, reportedly made a handsome investment of Rs. 832 crore in the cash segment on Wednesday, while they sold equities worth Rs. 415 crore in the Futures segment.

During the current year, the FIIs have made an impressive investment of over $3 billion till March 8, showing confidence in the growth of Indian economy.

According to Morgan Stanley, the selling in futures was due to hedging and this might continue for some more days.

Cement shares along with scrips from capital goods, bank, automobile, metal and IT displayed remarkable rally on frantic buying spree, dealers said.. — PTI

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