Millennium Post

What mischief are FIIs up to ahead of landmark polls?

The FIIs continued to buy aggressive in India, as a result of which both the benchmark indices - the Bombay Stock Exchange’s (BSE) 30-share S&P Sensitive Index (Sensex) and the National Stock Exchange’s (NSE) 50-share CNX Nifty — were in a record-breaking spree.

While the Sensex made history by breaching the 22,000-mark for the first time ever, the Nifty edged up by 10.6 points (0.16 per cent) to close at a record high of 6,537.25, after touching a new intra-day peak of 6,562.20. The Sensex, however, failed to end above 22,000 and retreated a bit to end the day’s trade at 21,934.83, logging a new closing peak although it gained by a mere 15 points over Friday’s close. With this, the Sensex and CNX Nifty have completed five straight sessions of rally.

The gains noticed by shares from capital goods, realty, banking and refinery segments were mostly washed out by fall in IT, pharma, teck and metal counters. The upcoming data like IIP, CPI for urban and rural India and WPI will dictate the future trend as operators preffered to book profits at higher levels ahead of forthcoming Parliamentary elections.

The BSE 30-share barometer resumed nearly 100 points lower on the back of weak Asian cues but later moved erratically between positive and negative territory before settling at a new high of 21,934.83, a net rise of 15.04 points or (.07 per cent). It registered an intra-day historic high of 22,023.98.
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