Financial Daily from THE HINDU group of publications
Thursday, Aug 11, 2005
Financial Daily from THE HINDU group of publications Thursday, Aug 11, 2005 |
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Stock Markets Markets - Stock Markets Sensex bounces back, gains 134 on FII buying Our Bureau
Mumbai , Aug. 10 AFTER two days of downtrend in the indices, the bulls were back in business on Wednesday, leading the Sensex to a 134.25-point gain. Heavy buying in frontline scrips, especially in the IT and banking sectors, set the indices soaring. The Sensex opened smartly and stayed in the green all day. It touched an intra-day high of 7741.35 before closing trade at 7729.82, gaining 1.77 per cent from its previous close. The Nifty galloped to a 41.45-point rise today and closed at 2360.15. Wednesday's bullishness was primarily triggered by resumed buying by foreign institutional investors (FIIs). Dealers said that FIIs were unwilling to commit big money into emerging markets for the last couple of days without any clarity on the US interest rate hike. As the 0.25 per cent hike in Fed rates was in tandem with expectations, FIIs were back in the bourses today, an analyst said. Data published by the Securities and Exchange Board of India suggests that FIIs were net buyers even during the slide in the bourses on Monday and Tuesday. But the net inflow figure for these days is significantly lower than usual. Banking stocks, which got a hammering on Monday, bounced back today. BSE Bankex netted a gain of 2.17 per cent. SBI registered a 4.06 per cent gain to close at Rs 808. Indian Overseas Bank and Punjab National Bank were the other gainers, netting over three per cent. IT majors Infosys and Satyam made smart gains. Satyam gained Rs 26.65 to close at Rs 524.20, while Infosys gained 2.28 per cent to end at Rs 2,315.15. i-flex was the biggest gainer in the sector, with the scrip zooming up to close with a gain of over seven per cent to close at Rs 1,049.35.
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