Mumbai: It put a roller coaster ride to shame. Sure, the closing figure of 10,082.28 – a gain of 101.86 points – was something to note. But so were the zeniths and the sole nadir of the Sensex’s wild trip on Tuesday through Thursday, with the latter coming within a few moments of opening, and keeping investors and brokers on tenterhooks throughout.
While the bullish sentiment was apparent at commencement of trade – especially with the Sensex kick-starting at well above 10,000 – many a mouths became dry when it soon plummeted to below Monday’s closing level. Thankfully, that was only for a brief moment as the index took flight again. But then, just after noon, the it headed southwards and nearly went below the 9980 mark again. People wondered at this time if 10k was a figure meant for the intra-day record books only.
It wasn’t.
The benchmark 30-share index rose up and continued to rocket on, pausing for short hiccups, before actually coming within a whisker of the 10,100 mark at around 3 pm. It then sank to finally close at 10,0082.28. What maintained this above-10k performance was the continued buying and the government’s announcement in the capital that a higher economic growth figure of 8.1 per cent would be achieved this fiscal year. Brokers have also attributed this bullish sentiment to a pre-Budget rally and pointed out that foreign institutional investors (FIIs) are still upbeat about the market’s performance. Of course, mid-cap and small-cap sector have not attracted much attention.
The banks were a favourite again with the Bankex shooting up by nearly 140 points to 5,303.88 – up by 2.71 per cent from the previous close of 5,164.10.But the struggle the Sensex went through to close at this highest level ever has made one thing certain, resistance is quite possible from now on.
Source: Mumbai Mirror Report
