Sensex up 144 points in early trade
The 30-share Sensex moved in a range of 17,497.36 and 17,236.60 before being quoted at 17,360.44.business Updated: May 16, 2008 11:53 IST
The Bombay Stock Exchange benchmark Sensex washed out initial sharp gains but survived to remain just in positive terrain at 1030 hours on Friday.
Dealers attributed early rally in share values to firm global cues as well as heavy-buying by Foreign Institutional Investors (FIIs) on Thursday.
FIIs were net buyers to the tune of Rs 706.88 crore as per provisional figures and also picked up shares worth Rs 524.05 crore in derivatives on the same day.
But concern over the inflation data to be released at noon today forced operators and retail investors to book profits at higher levels.
The 30-share Sensex moved in a range of 17,497.36 and 17,236.60 before being quoted at 17,360.44 at 10:30 am, a mere rise of 6.90 points over previous close of 17,353.54. At the day's high, it was up by 143.82 points.
In last two days, the index had risen by nearly 600 points.
The 50-issue Nifty of the National Stock Exchange also inched up further by 5.05 points to 5,120.30 at 10.30 am from last close.
Capital goods segment continued to attract good buying support on a healthy infrastructure growth number announced yesterday. Banking stocks also were up on renewed buying.
Asian markets exhibited positive trend this morning following smart rally on Wall Street on Thursday.