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Market pares early gains, ends flat

Market pares early gains, ends flat
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First Published: Fri, Jul 20 2007. 05 29 PM IST
Updated: Fri, Jul 20 2007. 05 29 PM IST
Mumbai: The Bombay Stock Exchange (BSE) Sensitive Index ended almost flat on 20 July after hitting yet a new trading high 15,683.03 as local investors booked profits at higher levels amid consistent FII inflows and strong global cues.
Encouraging corporate performance and firm global trend pushed the Sensex to a new life-time trading high in the first 10 minutes of trade.
The market, however, failed to maintain higher levels as operators and mutual funds booked profits in the latter part of the day on concerns over stretched valuations.
The BSE barometer later ended at 15,565.55, a fresh peak for the index, gaining 15.42 points or 0.1% over the previous close of 15,550.13.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) also hit a fresh intra-trade peak of 4,600.80 but closed at 4,566.05, up 3.95 points from previous close of 4,562.10.
The fall from the intra-day highs was seen as a necessary correction to the overbought market which has been scaling new peaks on the day-to-day basis in the current month.
Backed by encouraging corporate news including massive orders booked by companies, the market is still bullish with global investors preferring Indian bourses for investments to other Asian markets, analysts said.
The inflows from Foreign Institutional Investors (FIIs) amounted to $5 billion in the last 14 days. As per provisional figures, FIIs pumped in Rs652.08 crore on 19 July.
The market is expected to remain volatile in the next few sessions in view of the approaching expiry of July series.
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First Published: Fri, Jul 20 2007. 05 29 PM IST
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