Life peaks for 6 pivot stocks
As many as six of the 30-share Sensex closed at lifetime highs on Tuesday as the Bombay Stock Exchange’s benchmark closed at 19436.9, consolidating its bull run. All time highbusiness Updated: Sep 15, 2010 01:23 IST
As many as six of the 30-share Sensex closed at lifetime highs on Tuesday as the Bombay Stock Exchange’s benchmark closed at 19436.9, consolidating its bull run.
But it is still 7.3 per cent short of the all-time high close in January 2008. Also, the rally is not broadbased as small and mid-cap stocks fell a little.
The National Stock Exchange’s Nifty climbed 35 points to end the day at 5,795.
Information technology, banking, automobiles and petreolum bellwethers ruled the day as shares of HDFC, HDFC Bank, Infosys, ONGC, Tata Motors and TCS touched new heights. Together, they account for a third of the weight in the Sensex. State Bank of India that hit its lifetime high on Monday fell 1.1 per cent to R3,113.7
Aided by Monday’s support from foreign institutional investors (FIIs), the Sensex rose 0.72 percent (138.6 point). FIIs have pumped in Rs 7,215 crore so far in September.
“The flavour currently is the large cap stocks and the foreign money is also going into these stocks as there is more value and opportunity,” said Divyesh Shah, CEO, Indiabulls Securities.
However, notably, mid-cap and small-cap indices fell 0.6 per cent and 0.75 per cent.
While two out of three Sensex stocks gained during the day, only three out of ten stocks in the mid-cap index witnessed a gain in their share prices. Similarly the number of declines outnumbered the number of advances among the companies in the small cap index at BSE.