Sensex stages a 134-point comeback

Backed by strong foreign institutional investor (FII) inflows, the stock markets began the new week on a strong note with the share prices g...

Backed by strong foreign institutional investor (FII) inflows, the stock markets began the new week on a strong note with the share prices gaining across sectors. After a four-day holiday break, investors picked up shares at lower level after excessive correction in last few days.

Operators and domestic mutual funds joined the bandwagon and made heavy commitments in key counters. IT sectors led the price rally bolstered by an appreciating dollar against the rupee. Bank shares also surged to a strong finish on heavy FII purchases.

The 30-share Sensex at the Bombay Stock Exchange (BSE) Ltd gained a handsome 134.08 points to end the day at 8,206.83. The Sensex has risen by 521.19 points or 7 per cent in four sessions since October 31. The broader S&P CNX Nifty of the National Stock Exchange (NSE) closed at 2,461.60, up 42.55 points.

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The positive advance-decline ratio further proved the strong undertone of the bourses. On BSE, nearly 1,900 stocks gained ground on Monday, much higher than the losers at 514. A total of 481 stocks also hit the upper circuit.

The total turnover on BSE and NSE was higher at Rs 3,022.33 crore and Rs 5,699.69 crore, respectively. FIIs were net buyers at Rs 384.50 crore on November 2 — the last trading day of the previous week. In the F&O segment, they were buyers at Rs 921.96 crore.

“The sentiments were strengthened by the positive FII figures of Wednesday. Investors might see this as a reversal in the recent trend. But one should be cautious and book some profits, especially in the mid-cap and small-cap stocks”, said Jay Prakash Sinha, associate V-P, Kotak Securities.

All the sectoral indices also closed in the black with BSE Consumer Durables leading the pack gaining 3.71 per cent or 89.51 points. BSE Metal moved up by nearly 200 points to end at 5,933.81. The index has gained more than 7 per cent in the last one week. Tata Steel (up 4.66 per cent at Rs 363.90), Nalco (up 6.06 per cent at Rs 180.15), Hindalco Industries (up 3.31 per cent at Rs 124.70) and Jindal Steel (up 7.79 per cent at Rs 1,361.55) all posted impressive gains on Monday.

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