The Hindu : Business : Sensex gains 257 points

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Thursday, Jul 06, 2006

Business

Business

Sensex gains 257 points

MUMBAI: Good buying support from foreign funds propelled the Bombay Stock Exchange bellwether index (Sensex) above the 10900-mark on Wednesday, posting a gain of 257.42 points even as other Asian markets were flagging. The key barometer last ended above the 10900-mark on May 19.

Select shares from fast moving consumer goods (FMCG), metals and capital goods sectors were in the limelight and closed with sharp to moderate gains. FMCG stocks showed impressive upsurge on hopes of better rains.

The BSE-30 share sensitive index opened slightly lower at 10641.33 against 10662.22 and dipped to a low of 10611.35. Later, emergence of buying lifted the Sensex to a high of 10940.45, before concluding at 10919.64, up by 2.41 per cent.

On the National Stock Exchange, the S&P CNX Nifty shot up by 58.45 points or 1.86 per cent to 3197.10.

Dealers attributed the initial weakness to subdued Asian markets. The Hang Seng was down by 101.80 points, Nikkei by 114.56 points, Taiwan by 74.55 points, the Singapore ST index by 24.62 points and Kospi by 6.07 points at close on Wednesday.

According to provisional figures, foreign institutional investors continued their buying spree and picked up shares worth Rs. 142.06 crore on Tuesday while injecting Rs. 298.56 crore in the Futures and Options segment on the same day. Domestic mutual funds were also believed to be net buyers in select blue-chip counters.

The volume of business was better at Rs. 2,775.38 crore against Rs. 2,058.54 crore. — PTI

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