The Hindu : Business : Sensex up 29 points despite weak Asian trend

Online edition of India's National Newspaper
Thursday, Sep 07, 2006

Business

Business

Sensex up 29 points despite weak Asian trend

MUMBAI: The stock markets consolidated at the current levels with the Bombay Stock Exchange (BSE) benchmark, Sensex, closing 29 points higher on Wednesday in volatile trading despite a weak Asian trend.

The Sensex opened better at 11908.53 and later touched the intra-day high of 11983.48 before closing at 11933.21 against Tuesday's close of 11904.60, a net gain of 28.61 points. On the National Stock Exchange, the S&P CNX Nifty gained 4.50 points to 3477.25.

Foreign institutional investors, who indicated a slowdown in inflows, reportedly made selective purchases in heavyweight counters. The FIIs' reported withdrawals of Rs. 269.45 crore in the Futures & Options (F&O) segment on September 5. As per provisional numbers, they also pumped in Rs. 60 crore in the cash segment on the same day.

Metal and capital goods counters attracted fairly good buying interest. RIL, which has high weightage in the Sensex formation, scored handsome gains and in turn, helped market consolidate its position.

The market was expected to consolidate at the current levels in the next few days as it approached the psychological barrier of 12000-level. Investors seemed to be optimistic in view of substantial increase in interest in derivatives and improvement in trading volume.

PTI

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

Business