The Hindu : Business : Sensex spurts 136 points on firm Asian markets

Online edition of India's National Newspaper
Tuesday, Sep 05, 2006

Business

Business

Sensex spurts 136 points on firm Asian markets

MUMBAI: The Bombay Stock Exchange benchmark, Sensex, spurted by 136 points to a 16-week high of 11914.21 on Monday, influenced by across-the-board buying support and a firm trend in Asian markets.

Foreign institutional investors and domestic mutual funds were believed to be heavy buyers in frontline stocks.

The Sensex opened strong at 11824.49 and gradually moved upwards to the intra-day high of 11939.96 before closing at 11914.21 against last Friday's close of 11778.02, a net rise of 136 points. Similarly, the NSE S&P CNX Nifty shot up by 41 points to 3476.85.

The FIIs and private mutual funds were seen making heavy purchases in blue chip counters as well as in the mid-cap and small-cap segments during the day, brokers said, adding that ``bulls, however, were stocks-specific and made fresh commitments in select frontline counters".

In Asian markets, the Nikkei ended up by 223.82 points, the Hang Seng by 90.16 points and the Kospi by 2.39 points.

The bull charge was convincingly strong but the continued low volume remained a cause for concern among investors, a leading broker said.

Meanwhile, shares of United Western Bank witnessed heavy selling and closed lower by Rs. 6.40 at Rs. 16.15 on the BSE after the stock exchanges kept the circuit filter open to ensure effective price discovery following the Reserve Bank of India's decision to place the bank under moratorium.

Of the total 2,629 traded shares, 1,627 counters registered sharp to moderate gains while 926 others finished with losses, indicating the market breadth positive.

The trading volume remained low at Rs. 2,880.08 crore.

PTI

Printer friendly page
Send this article to Friends by E-Mail

Business