If you want something for the record-books, here it is: The BSE has seen the largest single-day gain after March 24, 1992.
Pivotals advance, small-caps and mid-caps lose out.
MUMBAI: If you want something for the record-books, here it is: The BSE Sensex, after falling by 715 points on Wednesday and Thursday, saw a sharp 379.91-point rebound on Friday, the largest single-day gain after March 24, 1992. The benchmark index closed up 3.77 per cent at 10,451.33 points.
But don’t get your hopes up yet. The Sensex has gained more than 3.77 per cent on 110 occasions before this. And some market experts are predicting more uncertainty ahead. "Liquidity has dried up. We don’t see any kind of support and there is a lack of sentiment," says Rahul Nangalia of Nangalia Stock Broking, a member of the Bombay Stock Exchange. "It is a directionless phase of the markets," he says.
While heavyweight stocks advanced, small-cap and mid-cap stocks lost out on Friday. The BSE Midcap index closed down 0.77 per cent, while the BSE Smallcap index ended down 2.54 per cent.
In fact, 95 per cent of the Rs52,008 crore added to the market’s capitalisation on Friday was accounted for by the 30 Sensex stocks.
But others are more hopeful. "Though mid-caps were down from their previous close, they did recover substantially from their day’s lows. It is not uncommon for leading stocks to dictate the direction that the second-rung stocks take. I won’t be surprised if mid- and small-cap stocks go up on Monday, should the large-cap rally continue," says Deepak Mohoni, managing director of trendwatchindia.com
But Mohoni is not sure the good news will continue. "Stocks have done enough during the last three to four weeks to suggest that this is a bear market. But a proper confirmation (whether this is a bear market) will require the Sensex to go below 9,000," he says.
Up till Thursday, foreign institutional investors (FIIs) had unloaded a net Rs12,236 crore of Indian equity since the market touched its peak of 12,612 on May 10, 2006. Over the same period, mutual funds have been net buyers by Rs6,809 crore. However, on Friday, according to provisional figures, FIIs were net buyers to the tune of Rs621 crore.
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