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Mumbai: The sensex ended Tuesday's trading session up just 18 points over the previous close at 14,302 while the nifty was down five points at 4,318. But in between, there was pure frenzy. As the markets see-sawed through the day, the number of trades executed on the National Stock Exchange (1.12 crore) surpassed the corresponding number for the New York Stock Exchange (83 lakh) on the previous day. The combined turnover on the NSE and BSE also touched a new peak of Rs 1.58 lakh crore.
The NSE's cash segment alone recorded a turnover of over Rs 40,000 crore, a leap of almost Rs 12,000 crore over its previous best of Rs 28,000 crore, recorded in November 2007. The day's trading made investors richer by Rs 2.6 lakh crore, with the BSE's market capitalisation now at Rs 44 lakh crore.
There was apprehension before the markets opened that the indices could hit another upper circuit, stopping trade as had happened on Monday. But
traders were prepared—selling began as soon as the markets opened.
Bullish FIIs pump in Rs 20,000cr in 43 days
FIIs have pumped Rs 20,000 crore into the Indian stock market in the last 43 days as the sensex rose from around 8,160 to 14,000. In comparison, mutual funds have been net buyers to the tune of just Rs 3,300 crore—around oneseventh of the amount committed by FIIs. According to Sebi data, FIIs had made net investments of Rs 19,820 crore till Tuesday from March 9 (when the 6,000-point rally began). P 21 Sensex records most volatile session this year
Mumbai: The sensex opened about 4% higher on Tuesday but soon entered negative territory.
All through the day, as foreign funds bought aggressively and local funds sold, the sensex swung wildly, touching an intra-day of 14,931 (up 4.5% over Monday) and plumbing to a low of 13,834 (down 3.1%). At the final count, the sensex recorded a swing of nearly 1,100 points, its most volatile session in over a year and the sixth most volatile session ever. For every laggard on the BSE, more than two stocks advanced.
For Wednesday, market players continue to be cautious. "It will be another interesting session tomorrow (Wednesday),'' said Arun Kejriwal, director, KRIS, an investment advisory firm. "High volatility will continue and I expect a negative close for the day.'' Brokers and dealers said those who bought during early-March and until late-April could come to book profits. In Tuesday's session, real estate stocks rallied on hopes that the new government would help ease the liquidity crunch that the sector is facing and that its policies would induce people to buy homes again.
As a result, the BSE's realty index closed nearly 13% higher. Among sensex gainers, DLF ended nearly 20% up at Rs 385, SBI rallied 11.2% to Rs 1,754 and Reliance Comm was up 10.5% at Rs 316.
In contrast, the biggest losers were IT stocks, with Infosys, the industry bellwether and sensex heavyweight, ending nearly 12% off at 1,564.
Dealers said in addition to dwindling revenues from the US—the largest market for Indian software exporters—these companies were also expected to be hit by the appreciating rupee. On Tuesday, provisional data showed that while FIIs had net inflows of Rs 4,800 crore, domestic institutions, booking profit, took money off the table.
Domestic funds showed a net outflow of nearly Rs 2,000 crore.
Explaining the rationale for selling, a top fund manager said that with expectations of a single-digit growth in income for most frontline companies, these stocks now seemed expensive. Hence, fund managers were willing to sell now and enter at a later stage.
Market players also said that once the current volatility recedes, the Indian markets will again look globally for cues. But for that to happen the domestic factor driven volatility has to come down.
"On Monday a number of options writers were squeezed out and they had to cover their positions at whatever price they could. Short covering continued in Tuesday's market as well,'' said head of a local brokerage.
There was apprehension before the markets opened that the indices could hit another upper circuit, stopping trade as had happened on Monday. But
traders were prepared—selling began as soon as the markets opened.
Bullish FIIs pump in Rs 20,000cr in 43 days
FIIs have pumped Rs 20,000 crore into the Indian stock market in the last 43 days as the sensex rose from around 8,160 to 14,000. In comparison, mutual funds have been net buyers to the tune of just Rs 3,300 crore—around oneseventh of the amount committed by FIIs. According to Sebi data, FIIs had made net investments of Rs 19,820 crore till Tuesday from March 9 (when the 6,000-point rally began). P 21 Sensex records most volatile session this year
Mumbai: The sensex opened about 4% higher on Tuesday but soon entered negative territory.
All through the day, as foreign funds bought aggressively and local funds sold, the sensex swung wildly, touching an intra-day of 14,931 (up 4.5% over Monday) and plumbing to a low of 13,834 (down 3.1%). At the final count, the sensex recorded a swing of nearly 1,100 points, its most volatile session in over a year and the sixth most volatile session ever. For every laggard on the BSE, more than two stocks advanced.
For Wednesday, market players continue to be cautious. "It will be another interesting session tomorrow (Wednesday),'' said Arun Kejriwal, director, KRIS, an investment advisory firm. "High volatility will continue and I expect a negative close for the day.'' Brokers and dealers said those who bought during early-March and until late-April could come to book profits. In Tuesday's session, real estate stocks rallied on hopes that the new government would help ease the liquidity crunch that the sector is facing and that its policies would induce people to buy homes again.
As a result, the BSE's realty index closed nearly 13% higher. Among sensex gainers, DLF ended nearly 20% up at Rs 385, SBI rallied 11.2% to Rs 1,754 and Reliance Comm was up 10.5% at Rs 316.
In contrast, the biggest losers were IT stocks, with Infosys, the industry bellwether and sensex heavyweight, ending nearly 12% off at 1,564.
Dealers said in addition to dwindling revenues from the US—the largest market for Indian software exporters—these companies were also expected to be hit by the appreciating rupee. On Tuesday, provisional data showed that while FIIs had net inflows of Rs 4,800 crore, domestic institutions, booking profit, took money off the table.
Domestic funds showed a net outflow of nearly Rs 2,000 crore.
Explaining the rationale for selling, a top fund manager said that with expectations of a single-digit growth in income for most frontline companies, these stocks now seemed expensive. Hence, fund managers were willing to sell now and enter at a later stage.
Market players also said that once the current volatility recedes, the Indian markets will again look globally for cues. But for that to happen the domestic factor driven volatility has to come down.
"On Monday a number of options writers were squeezed out and they had to cover their positions at whatever price they could. Short covering continued in Tuesday's market as well,'' said head of a local brokerage.
In Tuesday's session, the sensex see-sawed 1,100 points while Nifty gyrated 342 points
Over 1 crore trades were executed on the NSE, an all-time record
Over 1 crore trades were executed on the NSE, an all-time record
RAGING BULL
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