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FII buying spurs Sensex, ends 23 pts up
By agencies
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Monday, 14 November 2005, 20:30 IST
MUMBAI: Notwithstanding a selling onslaught, the Sensex today managed to end 23 points up even as it swung by 153 points on fairly heavy buying support from Foreign Institutional Investors (FIIs) and operators while domestic funds took benefits of higher levels.
Banking sector stole the limelight with key counters like HDFC Bank, HDFC, ICICI Bank and SBI scoring impressive gains on hectic buying support from investors.
The Bombay Stock Exchange (BSE) Benchmark 30-share Index (Sensex) opened strong at 8503.70 and later fluctuated between 8569.91 and 8416.89 before ending the day at 8494.29 against Fridays close of 8471.04, a net gain of 23.25 points or 0.27 per cent.
FIIs, which have been consistent buyers so far in the current month, were believed to have absorbed sales made by local mutual funds during the midsession.
FIIs were heavy buyers in a number of stocks including bank shares and generally picked up stocks offloaded by mutual funds in a bid to book profits at higher levels, brokers said.
Operators too joined the bandwagon and created fresh positions following revival of FII activity prompted largely by strong economic fundamentals.
Losers outnumbered the gainers in the list of index-based counters as some heavyweights succumbed to heavy pressure.