MUMBAI, June 10 (PTI): Extending its substantial gains for the second straight day today, the market today surged by nearly 400 points with funds continuing their frenetic buying amid encouraging global cues.
With foreign institutional investors remaining aggressive buyers, the Bombay Stock Exchange 30-share index Sensex touched nearly one-year high of 15,580.81 in late afternoon trade, while the wider index Nifty touched the one-year high of 4,655.25 points.
However, profit-booking emerged soon after that and the barometer pared some of the gains to close at 15,466.81, still up by 2.25 per cent over its previous close.
Brokers said investors anticipate more spending on key development areas after the Prime Minister Mammohan Singh yesterday expressed confidence that India’s economy could grow at a rate of 8-9 per cent despite global slowdown.
It was FIIs which set the pace for rally for the second day today. As per the provisional data, they pumped in a whopping Rs 955.31 crore yesterday, taking the total for current month to Rs 2,893.90 crore till June 8.
Retail investor refrained from buying at current higher levels, resulting in mid-cap and small-cap underperforming the Sensex.
Yesterday, the Sensex gained over 460 points, its second biggest gain since the UPA coalition won the General Elections. The National Stock Exchange Nifty shot up by 104.30 points or 2.29 per cent to end the day at 4,655.25.
Realty stocks came under selling pressure and ended in the red, while all other indices registered gains in the range between 1.0 to 3.6 per cent.
Tata Power was the biggest gainer among elite Sensex stocks at 6.43 per cent, while Rel Infra the next best gainer gained 5.99 per cent. HDFC Bank, Ranbaxy and ACC were the other prominent gainers in the range of above five per cent but less than 6 per cent.
Although the Sensex registered smart gains, the total market breadth turned negative as 1,553 counters ended with losses against 1,218 that gained on the BSE.
http://www.assamtribune.com/scripts/details.asp?id=jun1109/Business1
With foreign institutional investors remaining aggressive buyers, the Bombay Stock Exchange 30-share index Sensex touched nearly one-year high of 15,580.81 in late afternoon trade, while the wider index Nifty touched the one-year high of 4,655.25 points.
However, profit-booking emerged soon after that and the barometer pared some of the gains to close at 15,466.81, still up by 2.25 per cent over its previous close.
Brokers said investors anticipate more spending on key development areas after the Prime Minister Mammohan Singh yesterday expressed confidence that India’s economy could grow at a rate of 8-9 per cent despite global slowdown.
It was FIIs which set the pace for rally for the second day today. As per the provisional data, they pumped in a whopping Rs 955.31 crore yesterday, taking the total for current month to Rs 2,893.90 crore till June 8.
Retail investor refrained from buying at current higher levels, resulting in mid-cap and small-cap underperforming the Sensex.
Yesterday, the Sensex gained over 460 points, its second biggest gain since the UPA coalition won the General Elections. The National Stock Exchange Nifty shot up by 104.30 points or 2.29 per cent to end the day at 4,655.25.
Realty stocks came under selling pressure and ended in the red, while all other indices registered gains in the range between 1.0 to 3.6 per cent.
Tata Power was the biggest gainer among elite Sensex stocks at 6.43 per cent, while Rel Infra the next best gainer gained 5.99 per cent. HDFC Bank, Ranbaxy and ACC were the other prominent gainers in the range of above five per cent but less than 6 per cent.
Although the Sensex registered smart gains, the total market breadth turned negative as 1,553 counters ended with losses against 1,218 that gained on the BSE.
http://www.assamtribune.com/scripts/details.asp?id=jun1109/Business1
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