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| Sensex holds on to 10k level |
| BS Reporter / Mumbai Mar 28, 2009, 00:25 IST |
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The Bombay Stock Exchange (BSE) Sensitive Index, or Sensex, ended its Friday session with a marginal gain of 0.45 per cent, or 45.39 points, to close at 10,048.
This is the second day in a row that the 30-share benchmark has closed above the psychologically important 10,000-mark. In fact, with five consecutive days of gains, the Sensex has risen by 12 per cent (1,081 points) this week and is up by nearly 25 per cent (2,001 points) from its recent low of 8,047 on March 6.
The National Stock Exchange’s (NSE’s) S&P CNX Nifty index also managed a gain of 0.86 per cent, or 26 points, to close at 3,108. “The 3,150 level is crucial for the Nifty as markets have faced severe resistance at this point earlier too.
However, if this point is crossed and global markets remain supportive, then the Nifty could rally to 3,400 levels,” Anand Rathi Securities’ Head of Research Tarun Sisodia said.
Trading on BSE was highly volatile today as the Sensex fell 123 points during early trade before it closed the day with gains as profit-taking was noticed in blue chips such as Reliance Industries (RIL) and Infosys Technologies. Reliance closed the day down 1.18 per cent at Rs 1,548, while Infosys lost 2.46 per cent to close at Rs 1,346.
As per provisional figures, foreign institutional investors (FIIs) were net buyers of Rs 80 crore, while domestic institutional investors (DIIs) too purchased stocks worth Rs 42 crore.
Small- and mid-cap stocks today outperformed the Sensex scrips. The BSE mid-cap index was up 2.09 per cent, or 59.94 points, to close at 2,934. The BSE small-cap index was up 1.59 per cent, or 50.77 points, to close at 3,238.
“The positive turnaround in sentiment is due to the belief that the US bailout plans will help resurrect the US financial system soon, which, in-turn, will ease the global liquidity situation and money will again flow towards attractive investment opportunities available in equities across various markets, including India,” Angel Broking Chairman Dinesh Thakkar said.
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