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Sensex up second week in a row on fund buying

This article was posted on Mar 21, 2009 and is filed under Market News

The Sensex posted gains for the second week in a row on the back of steady inflows from the foreign and domestic institutions. The index crossed the 9,000-mark, and ended with a gain of 2.4% (210 points) at 8,967.The index has now gained 7.3% (641 points) in the last two trading weeks.

During the week under review, foreign and domestic institutions both cumulatively pumped in Rs 2,784.50 crore in the first four trading days of the week.

As per data available on the Sebi website, the foreign institutional investors (FIIs) net bought stocks worth Rs 941.40 crore in the period 16 March to 19 March. Similarly, the mutual funds who were the more aggressive buyers, bought shares worth Rs 1,843.10 crore during the same period.

Realty and metal stocks were the major gainers this week. The BSE Realty index despite the 4% loss on Friday ended with a solid gain of 10.5% (147 points) at 1,556. The Metal index surged 8.5% (408 points) at 5,260.

Among the index stocks – Jaiprakash Associates zoomed nearly 13% to Rs 71. DLF, Hindalco and Sterlite soared around 12% each to Rs 153, Rs 43 and Rs 283, respectively.

Reliance Communications, ONGC, Tata Steel, Ranbaxy, ICICI Bank, Reliance, NTPC and Reliance Infrastructure rallied 4-8% each.

On the other hand, Larsen & Toubro slumped almost 5% to Rs 615. ACC shed 3.5% at Rs 562, and Grasim dropped 2% to Rs 1,493.

source: Business-Standard

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