Sensex pares early gains

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MUMBAI: The Bombay Stock Exchange sensitive index (sensex) on Friday closed almost flat after hitting a new trading high 15683.03 as local investors took profits at higher levels amid consistent foreign institutional investment inflows and strong global cues.

Encouraging corporate performance and firm global trend pushed the Sensex to a new life-time trading high in the first ten minutes of trading. The market, however, failed to maintain higher levels as operators and mutual funds took profits in the latter part of the day on concerns over stretched valuations.

The Sensex later closed at 15565.55, a fresh peak, gaining 15.42 points over Thursday’s close. The broader S&P CNX Nifty of the National Stock Exchange also hit a fresh intra-trade peak of 4600.80 but closed at 4566.05, up 3.95 points from the previous close.

The fall from the intra-day highs was seen as a necessary correction to the overbought market which had been scaling new peaks on a day-to-day basis in the current month.

Backed by encouraging corporate news, including huge orders booked by companies, the market is still bullish with global investors preferring Indian bourses for investments to other Asian markets, analysts said.

The inflows from FIIs amounted to nearly $5 billion in the last 14 days. As per provisional figures, the FIIs pumped in Rs. 652.08 crore on Thursday.

L&T was the star performer having risen 4.15 per cent to close at a record high of 2475.30 on buying prompted by the launch of an IT SEZ, a first of its kind integrated project. — PTI



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