| Foreign funds return post corrections.
|
| |
| Markets extended their winning streak to a fourth consecutive day on the back of a broad-based rally. Following a long weekend break, buying resumed at the bourses, resulting in big gains for key indices. The BSE Sensex surged 134.08 points to close at 8206.83, while the broader Nifty ended the day at 2461.60, up 42.55 points.
|
| |
| The Sensex gains follow a 388-point surge during last week's three sessions, thus taking the total gains in the past four sessions to 522 points. The rebound in the index took place after it had slumped 1114.32 points in the period between October 4, when it posted a lifetime closing high of 8799.96, and October 28.
|
| |
| The market capitalisation of stocks traded on the BSE has increased by Rs 1,20,645 crore during the 521.19-point rally of the Sensex. The aggregate market capitalisation of traded stocks on the BSE soared to Rs 21,26,769 crore on November 7 from Rs 20,06,1243 crore on October 28. Marketmen attributed the improved performance to upbeat market sentiments, following last week's hike in the US interest rates.
|
| |
| While the 25 basis-point hike in rates by the US Federal Reserve was on expected lines, global investor sentiments improved as the Fed did not signal a more aggressive hike in the future.
|
| |
| According to VK Sharma, director and head of research at Anagram Stock Broking, short covering by foreign institutional investors has contributed to the upsides at the bourses.
|
| |
| 'The fact that FIIs have again turned net buyers to the tune of Rs 707 crore in index futures has lifted market sentiments. The market is also following global market trends, which are looking positive,' he added.
|
| |
| Today's gains at the domestic bourses were led by upsides in stocks in export-oriented sectors like information technology, textiles and pharma. With the rupee falling to a one-year low against the dollar, analysts believe that it will lead to a rise in dollar-denominated export realisations. Strong monthly sales figures (October) boosted sentiments at the auto counters.
|
| |
| Among the 30 Sensex stocks, 28 advanced, reflecting the upbeat mood. Pharma stock Ranbaxy was the biggest gainer among the Sensex stocks. The stock moved up 5.70 per cent to close at Rs 371.70, while other leading pharma scrips like Dr Reddy's Laboratories (up 4.90 per cent at Rs 888.05) and Cipla (up 4.35 per cent at Rs 375.05) also witnessed upsides.
|
| |
| Hero Honda (up 4.91 per cent at Rs 749.45) and Tata Steel (up 4.66 per cent at Rs 363.90) were the other major Sensex gainers. Cement counters ACC (down 0.60 per cent at Rs 462.15) and Gujarat Ambuja Cements (down 0.14 per cent at Rs 73) were the only losers among the Sensex stocks.
|
| |
| All key sectoral indices at the BSE posted gains, with the BSE consumer durables index (up 3.71 per cent) and the BSE metals index (up 3.36 per cent) moving up the maximum.
|
| |
| The market breadth at the BSE was in favour of advances. While 1899 stocks gained at the BSE, 514 declined and 52 remained unchanged. Compared with last week's muted volumes, there was a significant upside in the turnover today. The turnover at the BSE amounted to Rs 3,022 crore, compared with Rs 2,152 crore recorded in the previous trading session (November 2, 2005). |
| |
|
| |
Content Guide
