Sensex up a tad on Asian cues

Written by fe Bureau | Mumbai | Updated: Jul 30 2010, 08:04am hrs
The equity indices ended the day with marginal gains on positive cues from the Asian markets. During the trading session, market remained volatile.

The Sensex closed at 17,992, up 34.63 points, while Nifty gained 11.35 points to end at 5,408.90. According to the BSE provisional data, FIIs bought stocks worth Rs 570 crore , taking its monthly tally to over Rs 8,000 crore in July.

KR Choksey Securities MD Deven Choksey said, Markets are in tight range and I don't think we are likely to witness any major movement upward or downwards. In this volatile market, we will be looking at stock picking rather than going for any specific sector. According to Choksey, Nifty is likely to remain in the range of 5,370-5,450.

Among the BSE Sectoral indices, PSU and bankex were the top performer while teck and oil & gas remained at the bottom of the table. Dealers in the market said rollovers for the July expiry were good and open interest position was among the best. Motilal Oswal head-derivatives Jitendra Panda said, We have seen rollovers in the stocks futures and it looks like we might witness a minor correction in the coming days.

During the earlier session in the day, market remained volatile on the last day of expiry of the July derivatives contract series.

Engineers India FPO subscribed 11.6 times

The Rs 977-crore follow-on public offering (FPO) of state-run Engineers India (EIL) on Thursday has been subscribed 11.63 times. The issue received massive response from QIBs, with the portion getting 23.43 times subscribed. The non-institutional investors category got 14% subscribed, while retail was subscribed 40%. While the issue stands closed for the QIBs category, for the non-QIB category issue closes on July 30, 2010. The price band of the FPO is Rs 270-290. Another initial public offering, which is open currently, of SKS Microfinance, received 77% subscription.