Market ends three-day losing streak

Market ends three-day losing streak
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First Published: Wed, May 09 2007. 05 38 PM IST
Updated: Wed, May 09 2007. 05 38 PM IST
Mumbai: The stock market on 9 May ended its three-day losing streak as the benchmark BSE Sensex rose by a modest 16 points on buying in banking and metal stocks.
The Bombay Stock Exchange sensitive index opened steady at 13,771.69 from the 8 May close of 13,765.46 and moved in a range of 13,806.37 and 13,612.04. It later closed the day at 13,781.51, a modest gain of 16.05 points.
The broad-based S&P CNX Nifty of National Stock Exchange also recouped slightly by 2.30 points or 0.06% to close at 4,079.30 from previous close of 4,077.00.
Banking counters witnessed renewed buying interest due to fall in inflation and expectation that interest rates would not be increased soon.
Strong Asian stock markets also helped the recovery. China’s Shanghai Composite Index ended up by 63.07 points, Hong Kong’s Hang Seng by 138.43 points, Singapore’s ST Index by 13.51 points, Japan’s Nikkei-225 by 91.28 points and South Korea’s Kospi by 10.77 points.
Software stocks, however, continued to be at the receiving end following rising rupee.
According to market participants, operators and retail investors are refraining to build any long positions ahead of the crucial US Federal Reserve’s meeting today evening.
Foreign institutional investors (FIIs) remained net buyers and they bought shares worth Rs96.70 crore on 7 May. Domestic funds also were said to be net buyers for last couple days.
Market breadth remained negative. As many as 1,407 counters closed with losses while 1,122 ended with gains.
Trading volume declined further to Rs4,093.83 crore from Rs4,280.65 crore on Tuesday. ICRA remained the top traded share with a turnover of Rs251.34 crore followed by India Bulls (Rs187.96 crore), ICICI Bank (Rs177.64 crore), Fortis (Rs141.88 crore) and Reliance Capital (Rs103.19 crore).
The broad-based BSE-100 index firmed up by 16.73 points to 7,032.10 from previous close of 7,015.37.
The BSE-200 index was quoted at higher at 1,664.34 while the Dollex-200 was quoted lower at 676.66 as compared to the previous close of 1,660.58 and 677.58 respectively. The BSE-500 rose 11.57 points to 5,305.60 from 5,294.03 while the Dollex-30 ended down at 2,763.03 from 2,769.82 previously.
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First Published: Wed, May 09 2007. 05 38 PM IST
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