Financial Daily from THE HINDU group of publications
Friday, Dec 02, 2005
Financial Daily from THE HINDU group of publications Friday, Dec 02, 2005 |
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Stock Markets Markets - Foreign Institutional Investors Stocks recover smartly on renewed FII support Our Bureau
Mumbai , Dec. 1 STOCK prices made a smart recovery on Thursday on renewed buying by domestic and foreign investors on the back of better-than-expected economic growth figures. The benchmark BSE-30 index jumped by 155.97 points (1.77 per cent) to close at 8944.78, more than recovering Wednesday's drop of 142.35 points. The current levels are the second highest close after Monday's record of 8,994.94 points. "After the fall yesterday, it was expected that the markets would rebound on Thursday," said a fund manager with Tata Mutual Fund. The economic growth figures released on Wednesday had shown encouraging performance by the manufacturing and services sectors, he said, adding that this had resulted in good buying support in the cement and construction counters. The BSE 100 ended 82.09 points (1.77 per cent) higher at 4731.96 points while the broader BSE 500 closed at 3625.99, up by 57.62 points (1.61 per cent). The S&P CNX Nifty index ended 1.76 points higher at 2652.25 while the CNX Nifty Junior index closed at 1.43 per cent higher from Wednesday's close at 5316.70. Foreign investors made net purchase of $58.40 million on Wednesday. FIIs invested $902 million in the domestic equity markets in November. "The US economic data released yesterday also was quite positive in terms of growth. This will be good for the IT sector," said the fund manager. The US economy expanded at a 4.3 per cent annual pace in the third quarter, weathering the impact of the hurricanes while the Indian economy registered 8 per cent growth in the second quarter of this fiscal. Traders said the markets were likely to touch the 9000-mark again in the coming sessions going by the FII trends.
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