The Hindu : Business : Sensex forges ahead on firm global trend

Online edition of India's National Newspaper
Thursday, Dec 28, 2006
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Business

Sensex forges ahead on firm global trend

MUMBAI: Buoyed by firm global trend and high expectations of third quarter earnings, the upbeat mood on bourses gathered momentum on Wednesday and the benchmark BSE Sensex closed 151 points up at a two-week high of 13859.69.

Asian markets witnessed a strong rally during the day while domestic investors made across-the-board purchases in anticipation of encouraging third quarter corporate results.

The Bombay Stock Exchange 30-share sensitive index opened higher and later raced past the 13900-mark to touch the intra-day high of 13911.59. It later closed at 13859.69, a sharp gain of 151.35 points or 1.10 per cent over Tuesday's close. The broader S&P CNX Nifty of the National Stock Exchange (NSE) advanced by 33.75 points to 3974.25.

Operators and foreign institutional investors were heavy buyers in the Futures & Options (F&O) segment ahead of the expiry of December series on Thursday.

Domestic mutual funds were believed to be heavy buyers at prevailing price levels. They had pumped in Rs. 1,101 crore last week.

Bulls and bear operators were seen squaring up their short positions in the derivatives segment, brokers said.

IT and bank shares remained in the limelight for the second consecutive day on brisk buying interest.

In the Asian markets, Hong Kong's Hang Seng ended up by 405 points, Japan's Nikkei by 53.96 points, Singapore's Straits Times by 18.72 points and Taiwan's Weighted Index by 5.59 points. The market breadth was marginally positive. Of the total 2,703 traded scrips, 1,352 counters registered gains while 1,256 others ended with losses. — PTI

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