Monday, November 29, 1999

Markets gain for sixth straight day; FIIs pump in Rs 784 crore

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Indian equity indices ended in positive for the sixth straight day, the longest gaining streak since September 2009, on strong FII buying and positive cues from the Asian markets.Markets opened on a strong note, to touch an intra-day high of 17,530.38, following a 2% rally in the US markets last night. But soon pared most gains, even briefly entering the negative territory in the afternoon session and closed with modest gains.The BSE Sensex added 50 points or 0.3% to close at 17,462.87 and the NSE Nifty added 11 points or 0.2%, the highest close since April 30 for both the indices. Only 14 stocks of the 30 on the Sensex closed with gains.Almost all Asian markets ended positive today. Japan's Nikkei climbed 1.8%; China's Shanghai SE Composite gained 0.3%; South Korea's Kospi added 0.9% and Singapore's Straits Times too gained 1%. European markets too were on positive terrain, when Indian markets were open but slipped in the negative zone later on.Foreign investors bought worth Rs 784 crore of equities today on a net basis. They have mopped up shares worth Rs 2,787 crore in the last five sessions. "Negative news has slowed down and hence FIIs have also started investing," said Krishnamurthy Vijayan, MD and CEO of IDBI AMC.Strong growth in advance tax numbers, a barometer for corporate sector earnings, also boosted sentiments. The country's top 100 companies paid Rs 12,662 crore in advance tax in the first quarter of this fiscal, an 18.68% jump over the same period last fiscal."There is a collection of good news domestically that is counterbalancing for what is happening world wide," said Ved Prakash Chaturvedi, MD, Tata Mutual Fund."While corporate India is not completely decoupled from global happenings, there are several enterprises which are domestically focused and reporting good quarterly results," said Krishnamurthy.The BSE Midcap, Smallcap and BSE 500 index all closed marginally up. Amongst sectoral indices Auto and IT gained the most, while FMCG and Oil and Gas were the biggest losers.The biggest gainers on the gains were ICICI Bank, Infosys, HDFC and Tata Motors, the losers were Reliance Industries, Hindustan Lever and Bharti Airtel. The combined cash turnover on both exchanges was Rs 19,216 crore.

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