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FIIs on a buying spree, sensex tops 4600-mark

Mumbai, Oct. 6: Big-ticket investment by foreign institutional investors (FIIs) propelled the Bombay Stock Exchange (BSE) sensex to a 37-month high. The premier bourses reopened today to witness an across-the-board gain in share values led primarily by old economy stocks.

The benchmark index closed at 4631.39 points, following a spurt of 78.47 points.

“Foreigners are buying aggressively,” said Arun Kejriwal of Kejriwal Research and Investment Services, explaining the real power behind the surge in share values.

With the sensex topping the 4600-mark today, the market now expects the bellwether index to cross the 5000 level before the year-end.

Foreign investors have bought shares worth Rs 582 crore last Friday, Kejriwal said.

The sensex opened at 4567.68 points against Friday's close of 4552.92. It later rose to touch 4637.27 points before closing at 4631.39. Dealers said this level was not reached since August 2000.

Major gainers included Bajaj Auto, Bharat Heavy Electricals Ltd, BSES, Reliance Industries, Wipro, Grasim, HDFC, HCL Tech, Hindalco, ITC, Tata Motors and Tata Steel.

Indian Oil closed at Rs 398.65 with sharp gains, even as marketmen debated the seriousness of the government in splitting a Fortune 500 company. The government is not turning away from liberalisation, an analyst remarked.

However, the shares of Dr Reddy’s, Mahanagar Telephone Nigam Ltd, Zee Tele, Cipla, Digital Global and IBP were depressed on mild selling.

With the sharp gain in the sensex, the total shareholder wealth of all listed stocks at the BSE would have crossed the Rs 10-lakh mark today, say dealers.

Further, the FIIs have also been making a beeline for the derivatives segment. The volumes are rising and their percentage of exposure has gone up. Gainers outnumbered losers by 149 to 44 in the specified group.

The total turnover was, however, lower at Rs 2216.51 crore, less than Rs 120 crore from the previous close.

Satyam took the pole position in terms of traded turnover.

BSES shares shot up by Rs 26.55 to Rs 408.65, Engineers India gained Rs 38.95 to Rs 381.45, Grasim gained Rs 17.30 to Rs 680.50.

HDFC gained by Rs 27.9 to Rs 549.70, HDFC Bank by Rs 20.75 to Rs 314.85, while ITC rose by Rs 31.20 to Rs 840.20.

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