The Hindu : Business : Sensex touches 10950-mark

Online edition of India's National Newspaper
Saturday, Mar 18, 2006

Business

Business

Sensex touches 10950-mark

MUMBAI: The Bombay Stock Exchange Sensex ran out of steam after an initial surge to a new high of 10,951.38 and dropped 19 points to close at 10,860.04 due to weekend pressure amid sustained fund inflows.

Traders and operators were believed to be heavy sellers at the day's higher levels on the last day of the week despite consistent heavy purchases by foreign institutional investors and domestic mutual funds.

Climbing to a new intra-trade peak of 10,951.38 in early trade, the BSE benchmark 30-share index (Sensex) later met with strong resistance and tumbled to the day's low of 10,844.03 before closing at 10,860.04 against Thursday's close of 10,878.74, a net loss of 18.70 points.

Traders and retail investors were engaged in heavy profit selling in key counters, including heavyweights such as Infosys Technologies, Satyam Computer, HLL, Tata Steel, HDFC, BHEL, L&T and Bharti Tele-Ventures, brokers said, adding that ``the market is still bullish on the back of ample liquidity and expected to cross the crucial 11,000 mark during next week."

Market players considered Friday's fall from intra-day high as a timely and healthy correction.

Meanwhile, brokers credited the initial sharp rally to heavy net investments by institutional investors in the month. — PTI

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