FII buys see Sensex keep its strong show

FII buys see Sensex keep its strong show

Foreign institutional investors (FIIs) turned buyers on March 22. FIIs have pumped in Rs 4,343.34 crore (close to US$1 billion) in last six trading sessions to March 29. “FIIs have started buying since the past three or four days, which is giving some support to the markets. Call writers were forced to cover their shorts in the option segment that has led to the sharp rally," said Alex Mathews, Research Head, Geojit BNP Paribas Financial Services.

Investors would be taking cautious positions ahead of the derivatives expiry on Thursday as they rollover positions at the end of the financial year, said a market analyst here.
“Market has been behaving exceedingly well in the last seven sessions. Wednesday’s surge is primarily due to heavy buying in banking counters. However, market also witnessed some profit booking in view of March settlement tomorrow of derivative contracts,” said Rajesh Jain, Religare Securities Executive Vice President and Head of Retail Research.

Oil prices declined with rising crude supplies in the US, increasing fears that demand may falter in the economy. Prices had climbed over 23 per cent since unreast began in Libya on February 15,2011. Brent crude was trading at $114 per barrel.

The popular Sensex at BSE closed at 19,290.18, an increase of 169.38 points or 0.89 per cent.  The index touched 19,357 in the intra-trade which is its highest in over two months and dropped around 180 points from the high to touch an intra-day low of 19178. The 50-unit Nifty at NSE  Nifty was up 51.30 points or 0.89 per cent to settle at 5787.65 points in the day's closing.

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