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Retail investors, FII support keep the market buoyant
Finally the Sensex crossed the 5000 levels, even as
the last two days saw some corrections due to profit-booking at higher levels.
FIIs continued their support as the week (ended Thursday, November 6) saw over
$ 300 million coming into the Indian market. Retail investors continue to evince
their interest in small cap stocks. This along with FII support will drive the
market in future. According to market observers, Sensex is facing some resistance
around 5150 level. But the overall bullish sentiment will persist. The sensitive
index closed the week 267 points higher at 5047 points.
Textile stocks continue to enjoy the support of the
market as most of the companies declared their results on a very positive note.
Market heavy weight Reliance Industries closed the week Rs 4.00 higher at Rs
491 as the future outlook for the company as well as the industry appears to
be robust. Gainers included among others Arvind Mills which have prepaid some
portion of its debt to boost the margin.
Investors may hold on to the existing stocks as uptrend
is expected to continue amidst minor corrections that may disrupt the intermediate
rallies. Buy on declines, buy particularly fundamentally strong textiles and
other old economy stocks.
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