MUMBAI: In a relief rally that witnessed behind-the-scenes selling by foreign funds, the sensex reversed its four-session losing streak and ended with a 407-point gain at 18,313. The day's 2% gain in the index rode upbeat industrial data from China which added double-digit gains in some of the leading metal stocks. However, the nearly Rs 1,300-crore net FII outflow on Thursday is something to worry about for investors, market players said.
The day's session started on a flat note with the sensex fluctuating between the negative and positive territories but did not crack even when the rupee fell to a new lifetime low of 65.54 in early session. After the rupee stabilized, the index rallied through the later half and closed near the day's high.
Although during the market hours there were talks about huge FII buying, end of the session data on BSE showed a net outflow of Rs 1,278 crore, which may now impact sentiments on Dalal Steet on Friday. "FII figure will kill optimism," said Arun Kejriwal, director, KRIS, an investment advisory firm. "Going by the huge FII turnover (an aggregate figure of about Rs 8,300 crore) I think there is a lot of churn happening with foreign funds existing mid-cap stocks to get into blue chips. And this is not a happy and healthy figure," Kejriwal said.
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