The Hindu : Business : Sensex and Nifty in consolidation mode

Online edition of India's National Newspaper
Saturday, Nov 25, 2006
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Business

Sensex and Nifty in consolidation mode

MUMBAI: The stock market recouped 22.50 points on Friday amid beginning of rollovers to derivatives December contract. The Bombay Stock Exchange 30-share sensitive index moved in over 100-point range during the day and ended at 13703.33, a net gain of 22.50 points or 0.16 per cent over Thursday's close of 13680.83.

The broader S&P CNX Nifty of the National Stock Exchange (NSE) also added 5.40 points or 0.14 per cent to close at 3950.85 from the previous close of 3945.45.

The activity was largely confined to rolling over long positions to December series as lot of positions were built up on the Nifty and stock futures in the current F&O contract, brokers said.

The market is still bullish but a moderate correction is not ruled out, according to players optimistic about the future trend.

In the absence of any major trigger, the market showed stability at current levels but the approaching end of futures and options (F&O) contract on November 30 indicated volatility in the next few trading sessions.

Meanwhile, Asian markets were mixed with Japan's Nikkei shedding 179.63 points, Singapore's Straight Times 23.67 points and Hang Seng 5.02 points, while Taiwan's weighted Index rose by 42.67 points. PSU counters were active following the Union Government accorded approval to public sector power companies to sell their stake through public issue route. — PTI

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