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Sensex breaches 3700 as FIIs lead the charge

The Bombay Stock Exchange Sensex has surpassed the psychological barrier of 3700 points and shot up by yet another 83 points, as pivotals gained sharply on heavy buying support from foreign institutional investors and local operators at the first day of the current settlement today.

The 30-scrip Sensex of the country's premier exchange opened higher at 3704.29 points from the previous close of 3649.06, zoomed up to touch the day's high of 3775.45 in the opening hour. It reacted negatively to the Centre's decision to revoke President's rule in Bihar and fell below the 3700 level to touch the day's low of 3687.43 points. However, it recovered smartly towards the fag end and closed higher at 3732.10 points, showing a net gain of 83.04 points from the previous close.

According to leading BSE brokers, the FIIs have made considerable purchases in infrastracture shares like Larsen and Toubro and BHEL, MTNL, Stayam Computer, State Bank of India, Glaxo and Novartis. BPCL, HPCL, Castrol also turned out to be FIIs' favourites today, the dealers said.

Unit Trust of India has reportedly sold some of the 'B' group shares today.

Except Tata Tea, the FMCG counters witnessed a downtrend. HLL also reported a major decline on selling pressure from FIIs and leading domestic players, they said.

Trading at the BSE was extended till 1610 hrs in view of revised trading timings at the NSE from today, market sources said.

UNI

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