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This is an archive article published on December 7, 2004
Sensex hits new peak, falls back
Dalal Street reversed all its early gains on Monday, as investors continued to churn portfolios. While pharma, cement and automobile stocks ...
Dalal Street reversed all its early gains on Monday, as investors continued to churn portfolios. While pharma, cement and automobile stocks rose, selling was seen in tech and select heavyweight stocks.
After touching a new high of 6,386.29 in early trades, the 30-share Sensitive index Sensex eventually ended with a marginal loss of 0.26 point at 6,322.50. The NSE S 038; P CNX Nifty index ended 3.05 points lower at 1,993.15.
Said a dealer, 8220;The market displayed high volatility in intra-day trades. On the back of strong foreign fund inflows and easing international oil prices, the market opened firm and the Sensex rose to a new high of 6,386.29 in early trades.8221; However, a bout of selling pressure dragged down the Sensex.
Investors are optimistic, yet cautious, on the back of strong foreign fund inflows. FII inflows in December 2004 have touched Rs 1,326.30 crore after November8217;s inflows of Rs 6,740.80 crore.
The cumulative FII inflow for calendar year 2004 has reached Rs 34,484.60 crore till December 3, which is a record annual inflow.
In 2003, FIIs had put in Rs 30,458.70 crore.
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