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Textile
counters sustain activity on improved sentiment
Uptrend
continued during the week (ended June 19) as the market witnessed
an overall buying with a vast spread of retail investors involved
in the rally. The Maruti issue got oversubscribed 10 times, indicating
a restoration of confidence in the investing community. FIIs poured
in nearly Rs 650 crore during the last one week. Moreover, MFs also
remained active buyers. The Sensex gained more than 115 points to
close the week at 3454 points.
Sentiment
was bullish on all the major textile counters as frontline as well
as second rung stocks continued their rallies. RIL, Raymond, IPCL,
Clariant, Bombay Dyeing posted close to 10 per cent gain, while
stocks like Zodiac and Pantaloon flared up by more than 15 per cent,
even as analysts considered them to be undervalued.
With
the onset of monsoon and overall bullish sentiment, it appears that
the Sensex may not lose the momentum in the short run and has found
a new bottom in 3310 levels. The index is expected to hover around
3340-3550 levels. Investors can buy at the lower end of this range
and sell when the Sensex surpasses 3550 points.
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