STOCKS CLOSE: BSE Sensex touches 21,000 as FIIs remain optimistic of India story

Feb 28 2014, 10:16 IST
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Among BSE Sensex stocks, Gail was the biggest gainer rising by 2.97 per cent. (Reuters) Among BSE Sensex stocks, Gail was the biggest gainer rising by 2.97 per cent. (Reuters)
SummaryBSE Sensex breached the 21,000-mark after a month, but settled the day a tad lower at 20,986.99.

cent, consumer goods 0.94 per cent, auto 0.86 per cent, healthcare 0.82 per cent and Bankex 0.56 per cent.

Market breadth turned positive as 1,357 ended higher, while 1,339 finished lower and 145 ruled steady. Asian stocks ended mixed between gains and losses as energy shares advanced, countering decline in raw material producers. Key benchmark indices in China, Hong Kong, South Korea and Taiwan rose by 0.29-0.54 per cent. Indices in Singapore and Japan fell by 0.50-0.54 per cent.

European stocks were trading lower. Key indices in France, Germany and UK eased by 0.18-0.37 per cent.

Sahaj Agrawal, Deputy Vice President- Derivatives Research, Kotak Securities

Markets witnessed significant volatility in the February series. Every correction got bought into led by an up-move in the index. Private banks outperformed while PSU segment consolidated. CNX IT, Capital goods did well while the metal space underperformed. Considering the rollover into the March series we expect upsides to be limited. Selling pressure can be expected around 6300-6350 levels. On the downside strong support is seen at 6100 levels below which 5950 can be tested. For the medium term we remain positive on the market and advice accumulation of select stocks.

Indian shares end at near five-week high on heavy foreign buying

(Reuters) Indian shares rose for a fourth straight session on Wednesday to close at their highest in more than a month as blue chips such as ITC Ltd rose on heavy buying by foreign investors despite expectations of volatility due to derivatives expiry.

Overseas investors have been net buyers of cash shares in each of the previous nine sessions, with inflows totalling $533.2 million, exchange and regulatory data showed, calming worries about the U.S. Federal Reserve's stimulus tapering and a slowdown in China.

Also boosting sentiment was foreign buying of index futures and options on Tuesday, worth 21.51 billion rupees ($347 million), a rare event one day ahead of the expiry of derivative contracts. Financial markets in India will remain closed on Thursday for a local holiday.

Traders will continue to monitor moves in other regional markets for near-term direction, ahead of December-quarter economic growth data due to be released after market close on Friday.

"FIIs flows are driving the market and may even overshadow GDP data. We are positive about the market for

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