Sensex hits new peak of 10,951.38
Sensex ran out of steam after initially surging to a new high of 10,951.38 points and fell back to end 19 pts down.india Updated: Mar 17, 2006 17:40 IST
The Bombay Stock Exchange's Sensex ran out of steam after initially surging to a new high of 10,951.38 points and fell back to end 19 points down at 10,860.04 level due to weekend pressure amid sustained fund inflows.
Traders and operators were believed to be heavy sellers at the day's higher levels on last day of the week despite consistent heavy purchases by Foreign Institutional Investors (FIIs) as well as domestic mutual funds.
Climbing to a new intra-trade peak of 10,951.38 points in early trade, the BSE's benchmark 30-share Index (Sensex) later met with strong resistance and tumbled to the day's low of 10,844.03 points before ending the day at 10,860.04 points against Thursday's close of 10,878.74, a net loss of 18.70 points or 0.17 per cent.
Traders and retail investors were engaged in heavy profit sales in key counters including heavyweights like Infosys Tech Satyam Computers, HLL, Tata Steel, HDFC, BHEL, L&T and Bharti Tele-Venture, brokers said, adding "the market is still bullish on the back of ample liquidity and expected to cross the crucial 11,000 mark during next week."
Friday's fall from intra-day high was considered by market players as a timely and healthy correction.
Meanwhile, brokers credited the initial sharp rally to heavy net investments by institutional investors in the month. FIIs have pumped in a massive Rs 3,645 crore and mutual funds made net purchases of Rs 1,924 crore in equity in the first ten days of the month.
RIL, ONGC, Grasim, Tata Motor, TCS Ltd and Wipro showed handsome gains.