The Hindu : Business : Sensex touches 12400 level on strong global trend

Online edition of India's National Newspaper
Thursday, Sep 28, 2006
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Sensex touches 12400 level on strong global trend

MUMBAI: Influenced by strong global trend, the Bombay Stock Exchange benchmark, Sensex, raced past the 12400 level on Wednesday for the first time after May 12 but ended the day at 12366.91 as late selling pressure trimmed the gains.

The 30-share sensitive index ended up by 46 points, or 0.37 per cent from Tuesday's close of 12321.19. Initially, the Sensex touched an intra-day high of 12442.82 on sustained buying support prompted by a global rally. Similarly, the National Stock Exchange's S&P CNX Nifty advanced by 7.55 points or 0.21 per cent to 3579.30 from the previous close of 3571.75.

Foreign Institutional Investors (FIIs) and retailers were heavy sellers after the midsession in the Futures & Options (F&O) segment ahead of the expiry of September contract.

FIIs and operators squared up of their positions due to approaching end of September series, brokers said. Crediting the initial surge in share prices to a sharp rally in Asian markets, market players said banking stocks attracted keen demand for the second straight day on reports that the progress toward Basel II implementation in India is entirely appropriate to economic circumstances.

In Asian markets, the Nikkie ended up by 390.42 points, the Hang Seng by 213.43 points, the Kospi by 16 points and the Singapore ST Index by 31.90 points. HDFC Bank and ICICI Bank touched all-time high of Rs. 905 and Rs 695.90 during trading respectively.

The Bankex jumped by another 79.17 points or 1.37 per cent to close at 5876.89 from the last close of 5797.72. The market breadth remained positive with 1,345 gainers and 1,155 losers. — PTI

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