Mumbai: Markets closed 0.11% higher today in volatile trade ahead of a regulatory meeting which will decide norms for unregistered foreign investors, dealers said.
Investors chose to unwind positions ahead of the expiry of the monthly derivatives contract and a meeting by the Securities and Exchange Board of India to review overseas fund investment rules on Thursday.
Sensex rose 20.07 points to 18,512.91, off an early morning intra-day high of 18,832.49. Similarly, the broad-based Nifty settled at 5,496.11, up 22.45 points.
The Sensex on Tuesday surged a record 878.85 points or 4.99 percent, its highest single day point-wise gain.
Early Wednesday the buying momentum continued on a report that the Securities and Exchange Board of India (Sebi) may also consider special accounts for foreign individuals who hold more than 50 million dollars in equities.
“Buying interest waned at mid-afternoon. Decisions at the SEBI meeting could determine near-term trends,” said Advait Date, a dealer with brokerage BHH Securities.
Foreign investors have helped drive a stock market boom in India, pumping in about $17 billion this year alone. Global bank Lehman Brothers has said participatory notes account for about 51% of foreign inflows. AFP
Mumbai: After trading in the positive zone in the first five minutes, markets turned volatile today and then slipped into red with heavy-weight stocks registering losses.
Sensex was at 18,379, down 114 points while the wide-based Nifty was trading at 5,432 points down 42 points at 1200 hours.
Mumbai: Sensex continued to move upwards rising over 340 points in early trade on the Bombay Stock Exchange today on buying by funds in heavy- weight stocks such as Reliance Industries and Infosys.
The 30-share index which zoomed 879 points yesterday and closed at 18,492.84, shot up by 339.65 points at 18,832.49 in first five minutes of trade this morning.
Similarly, the wide-based National Stock Exchange’s Nifty spurted by 100.50 points at 5,574.20.
A sharp rebound in global stock markets also boosted the trading sentiment.
In Hong Kong share prices opened higher today, up 1.48%, following an extended rebound on Wall Street and continued interest in China Mobile and several mainland banks. PTI