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Sensex crosses 6000 mark, sentiment bullish

The Sensex breached 6000 levels to close at 6025 points during the week ended Thursday, November 18. Though the journey to 6000 points was marked on the Diwali weekend, the Sensex finally closed above 6000 points during the week. Driven by a Strong FII investments at Rs 245 crore (short weekend due to ID), Indian funds too were relatively active. FIIs have pumped in $ 6.3 billion in the current calender year so far and is expected to cross the last year figure of $ 6.6 billion. All this has been attributed to softening of global crude prices as also stable outlook of the Indian economy. However, retail investors remained cautious at these levels as the market appeared to be volatile on Thursday before closing above 6000 points.

Textile stocks remained firm during the week. Industry heavyweight Reliance Industries stood at Rs 544. Raymond was marginally up at Rs 286. Arvind Mills was a gainer by 5 per cent at Rs 91.6. Second rung textile stocks too saw good activity with Rajasthan Spinning, Zodiac Clothing remaining firm. Retail investors appear to be mixed bag considering the further appreciation as the Sensex is close to an all time high. However, for the moment investors can partially book profits on upside and wait for market direction in the coming days. The market may turn volatile in coming days, avoid day trading.