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Sensex
surges on sustained buying support
After
few lacklustre weeks and hitting double bottom at 2933 points, the
market posted a recovery during the week ended Wednesday August
14. The market trading at the levels of 3050 points, indicates that
the negatives have been factored in. The US economy reflected signs
of deterioration, which further hit the domestic sentiment as old
economy stocks too lost ground. FIIs and MFs remained the marginal
players during the week, while retail investors adopted a cautious
approach. The Sensex closed the week 66 points higher at 3036 points.
Textile
stocks remained the mixed bag. Though the number of frontline stocks
headed for southward, IPCL stood firm, while Arvind Mills posted
a net profit of Rs 25.58 crore in the first quarter following successful
implementation of its debt restructuring programme as also recovery
in the denim prices. Other stocks like Raymond, Reliance and Pantaloon
were on the losers
list.
From
the current level, the market may remain volatile in coming weeks
with rangebound movement between 2970-3310 point levels. At current
point of time, investors may selectively buy frontline old economy
stocks, investing partly with a time frame of 6-8 months.
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