| Players attributed the gains to persistent foreign fund inflows and renewed interest from domestic funds. However, the market breadth weakened with the gainer-loser ratio at 1,245:1,290. |
| The Bombay Stock Exchange's 30-share Sensex ended at 10,950.30, up 109.71 points, or 1 per cent, after a 100-point intra-day movement, touching a high of 10,966.06 and a low of 10,851.80. |
| The National Stock Exchange's 50-share Nifty closed at 3,279.80, up 32.65 points, or 1n per cent. It touched a high and low of 3,286.20 and 3,242.60, respectively, intra-day. |
| Total turnover in the cash segment, on both exchanges combined, stood at slightly over Rs 12,100 crore, lower than Thursday's Rs 14,400 crore. |
| "This rally has been purely liquidity-driven and now with added support from the domestic mutual funds that are sitting on huge amount of cash, the rally seems to be in no mood to terminate," said the head of equities of a leading brokerage. |
| So far this year, foreign funds net bought over $3 billion worth of Indian equities, in addition to the over $3 billion of stocks bought in the last two months of the previous year. |
| Domestic funds, that had remained on the sidelines so far, turned buyers this month with an investment of over Rs 2,800 crore in equities. |
| He is, however, not very comfortable with current valuations. "Valuations were not comfortable even when the Sensex was at 10,000. The price-to-earnings ratio of the index is on an expansion mode," he said. |
| Metal shares drove the indices higher on Friday, with Steel Authority of India and Hindalco Industries clocking gains of over 9 per cent and 5 per cent, respectively. National Aluminium Company and Tata Steel followed with over 2 per cent rise. |
Top Section
Explore Business Standard