Banking sector stocks in the limelight

MUMBAI: Notwithstanding a selling onslaught, the Sensex on Monday managed to end 23 points up even as it swung by 153 points on fairly heavy buying support from foreign institutional investors and operators, while domestic funds took profits at higher levels.

The banking sector stocks stole the limelight with key counters such as HDFC Bank, HDFC, ICICI Bank and SBI scoring impressive gains on hectic buying support from investors. The BSE benchmark 30-share index opened strong at 8503.70 and later fluctuated between 8569.91 and 8416.89 before ending the day at 8494.29 against Friday's close of 8471.04, a net gain of 23.25 points.

The FIIs, who have been consistent buyers so far in the current month, were believed to have absorbed sales made by local mutual funds during the mid-session. They were heavy buyers in a number of stocks, including bank shares and generally picked up stocks offloaded by mutual funds in a bid to take profits at higher levels, brokers said. Operators too joined the bandwagon and created fresh positions following revival of FII activity prompted largely by strong economic fundamentals. — PTI

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