Heavy buying by mutualfunds and insurance houses ahead of financial books closure on March 31 saw indices close higher Friday.
Bombay stock Exchange’s Sensex closed at 16,371.29, up 2.22 per cent or 355.73 points. It touched a high of 16,452.08 and low of 15,884.45.
National Stock Exchange’s Nifty ended 2.31 per cent or 111.75 points higher at 4942.00. The index swung between intra-day high of 4,970 and low of 4,796.35.
“There was buying from various quarters today. Insurance companies and domestic fund houses bought to perk up their NAVs for March 31. There’s talk that insurance companies and Government of Singapore bought into RIL,” said Anita Gandhi, head institutional business, Arihant Capital Markets.
Mutual funds bought securities worth Rs 729.50 crore while foreign institutional investors were sellers to the tune of Rs 401.95 crore, according to provisional data available on the BSE.
“We were in an oversold territory. A lot of funds were sitting on cash and have deployed cash to enter when valuations of most of these companies looked attractive,” she added.
Leading the rally were Tata Steel (up 9.46%), Larsen & Toubro (6.19%), Infosys Technologies (5.94%), Wipro (5.56%), and BHEL (5.37%)
HDFC Bank (down 2.36%), HDFC (1.81%), ONGC (1.65%), Tata Motors (1.41%) and Hindustan Unilever (0.74%) were the biggest index losers.
Tier II and III stocks also witnessed major buying. BSE Midcap Index closed at 6,522.79, up 3.93 per cent and BSE Smallcap Index ended at 7,901.98, up 4.98 per cent.
However, Arihant Capital’s Gandhi feels that Indian equities are not out of the woods yet as global markets are still vulnerable to any negative flows from financial institutions.
“Concern is that the market completely ignored the high inflation figures which otherwise would have had a negative impact on the sentiment. This rally will be seen till March 31 and we may witness some correction after that. Next month our market will take cues from quarterly corporate earnings reports. Taking cues from advance tax numbers, it can be said that not many companies are likely to disappoint” she added.
India's wholesale price index shot up 6.68 per cent in the week to March 15 from the previous week's rise of 5.92 per cent and a market estimate of 5.96 per cent.
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Links to important NEWS for newcomers
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- Pipavav shipyard the Next IPO ahead !!!
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- Greed is bad for IPO - gain hunters
- How does Grey market really work ?
- Reliance Entertainment plans IPO !!!
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- Anatomy of Grey Market
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- ICICI Bank introduces `Global Indian Account`
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- Reliance Industries To Set Up Two Manufacturing Facilities.
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- Reliance to foray into semi-conductors business.
- Videocon bids for Motorola's mobile handset biz,
- Parekh had major role in GTB's closure,
- Infy, TCS among 1,000 to lose mkt wealth in FY'08.
- Four Soft, Take Solutions merger on cards.
- Reliance Energy buys back 6.5 lakh shares.
- Investors concerned about Tata Motors deal.
- Tata Motors buys Jaguar, Land Rover from Ford for 2.3 bln usd.
- Religare to acquire UK broking co for $100 million.
- Infosys Technologies to announce financial results.
- Reliance Industries to shut its retail petrol pumps.
- Overseas initiative generates interest in SBI.
- Gujarat plans mini-hydro power projects.
- Jyoti Structures bags 2 orders worth Rs 253cr.
- Nortel bags Rs 400 cr contract from BSNL.
Friday, 28 March 2008
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