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Textile scrips hit new highs on strong fundamentals
The Sensex zoomed passed 4700 points level during the
week ended Thursday October 9 as FIIs pumped huge money into the Indian market.
In the past five days, FIIs poured in $ 400 million. Mutual funds too were reasonably
good buyers during this period. The upbeat sentiment that was spread across
institutions and retail investors saw the Sensex crossing the 4700 points level.
Strong economic rebound coupled with good monsoon has triggered re-rating of
the economy. The Sensex closed the week at 4698 points.
Several textile stocks hit new 52-week highs during
the week. Textile scrips like RIL, IPCL, LMW, Himatsingka Seide, Pantaloon,
etc zoomed through the new highs.
Investors are looking at textile counters keeping the
post-2004 developments in mind. Moreover, government policy initiatives in the
recent past have also got their bearing on the overall market sentiment.
The Sensex is close to hit the all time high and market
observers believe that lower interest rates ever backed by restructuring of
corporates and sound economic fundamentals will drive the Sensex further high
in coming months.
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