Sensex Up 62 Pts On Sustained Fii Buying

The stock market indices continued their upward trend, with sharp buying activity towards the end of the trading session pulling up the BSE sensitive index by 62.23 points yesterday. The sensex closed the day at 4087.64 against a previous close of 4025.41, after opening the day at 4027.61.

No-delivery stocks like M&M, Bajaj Auto, Tata Tea and SBI posted significant gains over their previous closing levels at the bourse. Barring Bajaj Auto, the other three stocks touched new 52-week highs at the BSE during intra-day trading.

The traded turnover at the major bourses was also hectic, with the BSE clocking a turnover of Rs 1,224.79 crore and the NSE touching Rs 2,017.85 crore. The ITC stock, strongly led by speculative elements, continued to witness sharp trading activity, with a traded turnover of Rs 605 crore at the NSE and Rs 345 crore at the BSE yesterday.

With domestic FIs still holding on to their stocks and selling pressure easing, the broking community remains bullish, although a correction is expected this week.

Stocks like Telco and MTNL, which had come under selling pressure last week showed signs of recovery yesterday. Key pivotals like SBI and Reliance also witnessed renewed trading activity. While a decision on the oil price hike was awaited yesterday, most analysts felt this development has already been factored in.