Sensex rises to 9-month high
The Hindu Business Line, June 2, 2009, Page 1
Our Bureau, Mumbai
The Sensex and the Nifty recorded nine-month closing highs on Monday, their fourth consecutive day of gains.
The Sensex closed at 14,840 and the Nifty at 4,529 both gaining 1.5 per cent.
There is runaway enthusiasm at the new Cabinet composition at the Centre, said a senior official with SBICAPS.
Independent investment analyst Mr. R Balakrishnan said this was the last leg of the current rally which valuations do not support.
He said he had reservations about the nature of funds inflow through the FII route: “nowhere do you see dilution of promoter stake through QIPs (qualified institutional placements) leading to a rise in stock prices.”
FIIs were net buyers of equities for Rs 280 crore and DIIs net sellers for Rs 197 crore.
Trading was highly volatile; the Sensex touched a high of 14,907 soon after market opening but dipped 352 points to an intra-day low of 14,655 in the first one and a half hours of trade.
The Hindu Business Line, June 2, 2009, Page 1
Our Bureau, Mumbai
The Sensex and the Nifty recorded nine-month closing highs on Monday, their fourth consecutive day of gains.
The Sensex closed at 14,840 and the Nifty at 4,529 both gaining 1.5 per cent.
There is runaway enthusiasm at the new Cabinet composition at the Centre, said a senior official with SBICAPS.
Independent investment analyst Mr. R Balakrishnan said this was the last leg of the current rally which valuations do not support.
He said he had reservations about the nature of funds inflow through the FII route: “nowhere do you see dilution of promoter stake through QIPs (qualified institutional placements) leading to a rise in stock prices.”
FIIs were net buyers of equities for Rs 280 crore and DIIs net sellers for Rs 197 crore.
Trading was highly volatile; the Sensex touched a high of 14,907 soon after market opening but dipped 352 points to an intra-day low of 14,655 in the first one and a half hours of trade.
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