Key indices scale yet another peak

Mumbai, Feb 22 | Updated: Feb 23 2006, 05:30am hrs
Strong FII numbers and short covering in the derivatives segment pushed the benchmark indices northwards for the third consecutive day on Wednesday with both the benchmark indexes closing at new all-time highs.

The 30-share Sensex of the Bombay Stock Exchange (BSE) Ltd gained 56.21 points to end the day at 10,224.32, quite close to the days high of 10,237.61. The broader S&P CNX Nifty of the National Stock Exchange (NSE) ended the day at 3,050.80, gaining 15.30 points.

According to dealers, the expiry of the February contracts that will happen on Thursday is acting as a trigger and pulling up the cash markets. Also, the return of FIIs is uplifting the sentiments. FIIs bought equities worth Rs 125.30 crore in the cash market on Tuesday.

In the F&O segment, they were net buyers at Rs 245.05 crore. The turnover was also higher at Rs 3,274.68 crore and Rs 6,005.21 crore on BSE and NSE, respectively.

However, the market breadth remained negative with 1,688 stocks losing ground on BSE, as against 817 gainers. Side counters witnessed selling pressures as both, BSE Midcap and BSE Smallcap indices closed in the red. On the other hand, metal stocks were shining with the BSE Metal index gaining close to 2% or 117 points.