Sensex ends in green after a choppy session

Sensex ends in green after a choppy session
PTI
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First Published: Mon, Oct 22 2007. 04 22 PM IST
Updated: Mon, Oct 22 2007. 04 22 PM IST
Closing
Mumbai: Sensex rose 54 points today after a three-day fall last week as investors bought shares of banking and engineering companies.
The BSE index, which lost nearly 1,500 points from its record high of over 19,000-point level in three straight sessions, gained 54.01 points at 17,613.99 points.
In choppy trade, the key index rose to the day’s high of 17,704.83 and a low of 17,171.45 points. Earlier in the day, the Sensex fell 389 points when markets opened but later recovered to post moderate gains.
Banking index gained 2.17% at 9,029.09, followed by capital goods index with 0.90% at 15,568.76.
However, the wide-based National Stock Exchange index Nifty lost 31.30 points at 5,184 points. The index had crossed 5,700 points level on 16 October. The Nifty touched the day’s high of 5,247.40 and a low of 5,070.90 points.
Late Afternoon
Mumbai: Volatility continued to rule the stockmarkets in the afternoon trade, and both the sensex and the Nifty were swinging back and forth between the red and the green zones. At 02:00 pm, the benchmark index was 33 points lower at 17528.
Afternoon
The benchmark Sensex, which fell by 389 points within minutes of opening, recovered smartly on fresh buying in the morning trade.
Sensex was 63 points higher at 17,623, having recovered twice from the red.
In sustained volatility, the BSE barometer, recovered from early lows of 17,171.45 and was later quoted at 17,546.15 at 1030 hours from Friday’s close of 17,559.98.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) also dropped sharply to a low of 5,070.90 before being quoted at 5,178.05 at 1030 hours from previous close of 5,215.30.
Market players attributed the recovery from early lows to roll over of positions by investors saying “some big investors began rolling over positions to next series.”
The principal driving force - Foreign Institutional Investors (FIIs) were net sellers to the tune of Rs 1,751 crore on Friday.
After consistent net purchases for 20 days from September 19 onwards, FIIs have turned sellers following Sebi’s proposal on the Participatory Notes last week, aimed at curbing copious inflows, they added. PTI JCG VMP GK SSA
Opening
Mumbai: Sensex plunged by 389 points in the early morning trade on the Bombay Stock Exchange today with funds turning a net seller ahead of market regulator’s decision on foreign funds inflow.
The 30-share index, which has been in the bear grip for last few sessions, fell further by 388.53 points at 17,171.45 in first five minutes of trade on heavy selling in blue chip stocks like Reliance Industries, Infosys Technology and ACC.
Similarly, the wide-based National Stocks Exchange index Nifty fell 144.40 points at 5,070.90.
Marketmen said the selling triggered last week after the Security and Exchange Board of India (SEBI) proposed certain measures to control investment through offshore derivative instruments, including P-Notes.
They said a weakening global trend also fuelled selling pressure.
Hong Kong share prices opened sharply down today, with the Hang Seng index going down by 3.8% in the opening minutes of trade.
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First Published: Mon, Oct 22 2007. 04 22 PM IST
More Topics: Shares | Stocks | Sensex | Nifty | Markets |