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FII buying spree pushes up Sensex

This article was posted on Jul 18, 2009 and is filed under Market News

MUMBAI: The bourses leapfrogged after a brief pause on Thursday as the Bombay Stock Exchange sensitive index, Sensex, jumped 494.67 points to a two-week high of 14744.92 on optimism that India Inc might come out with significant improvement in first quarter margins.

This is the biggest single-day gain since May 27, 2009, when the Sensex spurted by 520.41 points.

The BSE 30-share barometer gained 3.47 per cent over its previous close.

Sentiment was also boosted by the sudden buying spree of foreign institutional investors (FIIs), who had heavily pulled out of equity in the initial two weeks of the month.
Revival of monsoon

The revival in monsoon with good rainfall in some parts of the country also contributed to the bull-run.

Meanwhile, Reserve Bank of India Deputy Governor K. C. Chakrabarty said the central bank’s effort was to keep interest rates benign and stable.

The market witnessed all round buying with FIIs shifting their focus to the small-cap and mid-cap segments.

World markets also surged for the fourth straight day on growing optimism about the earnings season. Asian indices ended in the green and European markets were trading higher.

The National Stock Exchange’s 50-share Nifty also spurted by 143.55 points or 3.39 per cent to close at 4374.95. The market breadth was strong as 1,832 stocks registered gains while 825 others finished with losses on the BSE. — PTI

source: Hindu Business

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