Business
Sensex gains further on FII buying
MUMBAI
FEB. 11.
Led by Hindustan Lever (HLL), old-economy stocks rallied smartly lifting the Sensex by about 22 points at close on the Bombay Stock Exchange today on fairly good purchases by foreign institutional investors (FIIs) as well as retail investors.
New economy scrips, however, surrendered most of their early gains due to profit-taking by operators despite a strong turnaround on Wall Street last weekend. The Dow Jones industrial average finished remarkably higher by about 119 points and the Nasdaq Composite Index closed up by 36.77 points yesterday.
Reflecting the upbeat mood, the BSE benchmark 30-share index opened past 3500-mark and surged up to the intra-day high at 3551.95. However, selling in technology and cement stocks trimmed gains in the Sensex that closed at 3515.45 against last Friday's close of 3493.92, netting a rise of 21.53 points or 0.62 per cent.
The broad-based BSE-100 index also improved further by 15.88 points to 1707.20 from previous close of 1691.32.
Market sources attributed the initially remarkable rally to reports of a likely reduction in average customs duty level to 23 per cent in the coming union budget and heavy net purchases by FIIs on February 7.
Among the old-economy scrips, HLL, Telco, Tisco and BHEL were the most sought after stocks on hopes of good returns. Retail investors were reportedly making investments in second-line stocks such as Tata Elxsi, Gesco, IPCL, Sterlite Optical, BEL, BOB and few others from new economy counters.
In the specified group, 130 including 14 index-based scrips registered gains while 38 others closed with losses.
The BSE-200 index and the Dollex-200 were quoted remarkably up at 378.60 and 129.40 from the previous close of 375.05 and 128.30 respectively. — PTI
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