Sensex eyes 8,600-level as it jumps 102 points

Mumbai, Nov 16 | Updated: Nov 17 2005, 06:26am hrs
There was buying support witnessed in almost all the index heavyweights on Wednesday as strong Asian markets, further cooling of oil prices and revival in FII inflows boosted the sentiments. The 30-share Sensex of the Bombay Stock Exchange (BSE) Ltd gained 101.63 points to end the day at 8,595.92. The broader S&P CNX Nifty of the National Stock Exchange (NSE) closed at 2,582.75, gaining 24.05 points.

The positive sentiments on the bourses were further proved by the strong undertone as 1,475 stocks gained ground on BSE, outpacing declines at 1,000.

However, the turnover was lower at Rs 2,589.11 crore and Rs 5,352.31 crore on BSE and NSE, respectively.

"There is a feeling in the market that the major correction phase is over and now the Sensex will touch 9,000 in the near term. This has increased the buying activity on the bourses. FIIs have also resumed buying after remaining net sellers in October," said an equity analyst.

On Monday, FIIs were net buyers at Rs 34 crore in the cash market. However, they were net sellers in derivatives segment at Rs 145.13 crore.

All the BSE sectoral indices also closed in the positive with BSE IT leading the pack by gaining 2% or 66.44 points. Sector heavyweights and Sensex constituents Infosys Technologies (up 3.25% at Rs 2,737.75), TCS Ltd (up 0.14% at Rs 1,511.60), Satyam Computers (up 0.74% at Rs 652.10) and Wipro Ltd (up 1.21% at Rs 408.70) all closed in the black. These stocks collectively have a weightage of nearly 90% in the BSE IT index.

Among the other Sensex stocks, Reliance Energy (up 3.14% at Rs 562.05) and Reliance Industries Ltd (up 2.48% at Rs 817.50) also posted impressive gains on Wednesday.

RIL also touched a new all-time high of Rs 818.70 during intra-day trades. ITC Ltd, SBI, Maruti Udyog, ICICI Bank, Tata Motors and Tata Power also closed in the black.