The Hindu : Business : Initial higher levels not held on BSE

Online edition of India's National Newspaper
Saturday, May 27, 2006

Business

Business

Initial higher levels not held on BSE

MUMBAI: The stock markets struggled to find a clear direction on Friday with foreign institutional investors playing hard to get, but the benchmark Sensex still ended up by 143 points after a choppy trading session.

Stocks failed to maintain the initial higher levels due to sustained selling by foreign institutional investors and profit booking by retail investors.

The Bombay Stock Exchange 30-share Sensitive Index touched the intra-day high of 11050.77 but later fell back sharply to the day's low of 10735.14 before ending at 10,809.35, a net gain of 143.03 points or 1.34 per cent.

The National Stock Exchange's and S&P CNX Nifty also surged up by 31.90 points or 1.00 per cent to 3,209.60.

Retail investors were believed to be booking profits at every sharp price rise in the light of sustained FII outflows.

FIIs reported withdrawals of Rs. 5,890 crore in the cash segment since May 22, including Thursday's provisional numbers on the NSE web. Domestic mutual funds, however, have been supporting the market with consistent purchases since May 12. In the first three days of the week, they reported net purchases of Rs 2,092 crore. — PTI

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