Thursday close: Sensex up 29 pts
Benign US inflation data and easing crude oil prices help the BSE benchmark index to close at 11,477.india Updated: Aug 17, 2006 21:04 IST
Global developments continued to influence the stock market with benign US inflation data and easing crude oil prices on Thursday aiding the Bombay Stock Exchange benchmark index to end 29 points higher at 11,477.48.
Taking a cue from buoyant world markets, the 30-share sensitive index or Sensex initially shot up to the intra-day high of 11,551.59 points on the back of increased activity by institutional investors.
The Sensex, however, trimmed its gains and ended the day at 11,477.48 points from Wednesday's close of 11,448.31, a net gain of 29.17 points or 0.25 per cent.
Reliance Industries, which has the highest weightage in the Sensex, scored impressive gains helping the market to close in the positive territory.
But the National Stock Exchange's (NSE) S&P CNX Nifty eased by 2.15 points or 0.06 per cent to 3,353.90 from previous close of 3,356.05 points.
Brokers attributed profit-booking by investors in the latter part of the session to a negative turn in Asian trend after the midsession.
Foreign institutional investors (FIIs) as well as retail investors were believed to have booked profits.
The initial rally was credited to firm start in Asian markets triggered by the data on tame inflation and slower economic growth in the US, which lessened the chances of a rate hike by the US Federal Reserve in the near future, according to brokers.
FIIs, which were net buyers so far in the month, reported inflows of Rs 304 crore in cash on Wednesday, as per provisional figures on the NSE web.
Of the total 2,551 traded shares, 1,616 scrips registered losses indicating the negative market breadth.
The trading volume improved further to Rs 3,852.81 crore from Rs 3,455.92 crore on Wednesday. IDFC clocked the highest turnover of Rs 259.11 crore followed by RIL (Rs 242.17 crore), Mahindra Gesco (Rs 229.80 crore), Reliance Com (Rs 123.97 crore) and Titan Ind (Rs 79.76 crore).
The broad-based BSE-100 Index moved up by 10.00 points to 5,827.16 from previous close of 5,817.16 points.