The Hindu Business Line : Sensex closes above 9,000 — Market witnesses across-the-board buying

THE stock markets closed at lifetime high-levels on Friday, buoyed by fresh commitments by foreign funds, short-covering and on news of Bombay High Court's approval of Reliance Industries' de-merger scheme. The benchmark BSE-30 index closed at 9067.28 points, closing over the psychological 9,000-level for the first-time ever. This is an increase of 160.97 points (1.81 per cent) from Thursday's close.

The previous highest closing was on November 28 when the index closed at 8994.94 points. On Friday, the BSE-30 index also crossed another milestone when it touched 9080.76 points, the highest intra-day high ever. The previous highest intra-day high was achieved on December 2, when the index touched 9057.97 points.

The NSE 50 CNX S&P Nifty index also touched an all-time high to close at 2756.75 points, beating the previous high of 2730.70 points achieved on December 2.

Traders said the markets would be extremely volatile hereafter as selling would come at every high levels.

"There was overall buying in all sectors. The Reliance news was more or less expected. There is more to today's rally than the Reliance factor," said Mr Pankaj Namdharani, Head of Equities, SPA Securities.

He said the market undertone remained bullish. However, there would be selling pressure at every milestone above the 9,000-level. "Markets would be volatile in the coming trading sessions," Mr Namdharani said.

The BSE-100 index rose by 70.91 points (1.50 per cent) on Friday to close at 4,790 points. The broader BSE-500 closed at 3682.11 points, up by 53.86 points (1.48 per cent) from Thursday's close.

The foreign institutional investors (FIIs) have already pumped in $249.8 million to the equity markets in the first eight days in December. This is in addition to the last month's net equity purchase of over $900 million. The FIIs were, however, net sellers for $9 million on Thursday.

The mutual funds were net sellers to the tune of Rs 531.73 crore in the first eight days of December. Whereas, the period from April 1 to December 8 saw the mutual funds as net buyers worth Rs 12,088.29 crore.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

More Stories on : Stock Markets | Stock Markets

Stories in this Section
TN on alert as `Fanoos' heads for coast

Samsung to set up $15-m handset manufacturing unit

Inflation up on costlier food, manufactured items

States express reservations about dual pricing of LPG, kerosene

Hitachi Construction doubles stake in Telcon to 40 pc — Tata Motors' stake comes down to 60 per cent

Education process outsourcing: The next big business opening?

Sensex closes above 9,000 — Market witnesses across-the-board buying

NPA recovery will benefit all: Mid-year review

PM to look into EPF interest rate issue

Broadband vital to achieve digital capability: Gates