Foreign Institutional Investors buying propels Sensex to record highs
(Monday, February 14, 2000)
The principal driving force behind the largest-ever rally was heavy net purchases by FIIs which has pumped in over Rs 1,000 crore ($218 million) in a week.
Punters and FIIs were geared to take large positions in select heavyweights like Infosys, ITC and other information technology stocks following a sharp jump in Infosys' American depositary receipts by $97 to $625 before closing at $528 on Thursday and day-to-day basis records set by the Nasdaq composite index....
Satyam Computer, after opening higher at Rs 3,185 on sustained buying by foreign investors and other players, met with selling pressure and fell back temporarily to Rs 3,030. Subsequently, it regained strength on revival of buying by overseas funds influenced by the company's strong fundamentals and reports of a rise in its ADRs at Nasdaq and bounced back to close at Rs 532.30 higher at Rs 3,636.80.
Silverline Industries also flared to close at an all-time high of Rs 1,200, a rise of Rs 181.10.
Infosys Technologies, on the back of a record rise in its ADRs on the Nasdaq, flared up to close at a new high of Rs 9,970.30 over the previous close of Rs 7,879, a record rise of Rs 2,071.30 in five trading sessions.
Stock brokers said on hopes that the Union budget, to be unveiled on February 29, would be market-friendly and push forward economic reforms, players turned aggressive and created huge positions particularly in information technology and some multi-national company stocks...
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