Online edition of India's National Newspaper
Tuesday, Feb 20, 2007
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Online edition of India's National Newspaper Tuesday, Feb 20, 2007 ePaper |
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MUMBAI: Bank stocks propelled the market sentiment on Monday with the benchmark BSE Sensex closing 47 points up at 14402.90 as operators covered positions in derivatives ahead of expiry of February contract on Thursday. Increased inflationary pressure and high interest rates as well as analysts' opinion of stretched market valuations notwithstanding, bulls made fairly heavy purchases in select blue-chip stocks in a bid to square positions in the Futures and Options (F&O) segment in view of approaching Union Budget to be presented on February 28, brokers said. Foreign institutional investors (FIIs) too were heavy buyers in the derivatives. They reported inflows of Rs. 650 crore on February 15. The Sensex opened strong at 14406.88 but later moved erratically between 14479.18 and 14372.07. It closed at 14402.90, a net rise of 47.35 points over Thursday's close of 14355.55. On the National Stock Exchange, the S&P CNX Nifty rallied by 18.35 points to 4164.55. — PTI
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