Sensex closes above 10K, after 11 days

MUMBAI: For the first time in 11 days, the Sensex closed above the five-figure mark on Wednesday on a spate of buying.

But marketmen are worried that the recovery of 1,110.7 points (12.4%) from its low of 8,929.44 points on June 14, 2006, has been on low volumes. The average daily cash market turnover on both the BSE and NSE since June 15, 2006, has been just Rs 9,822 crore.

They feel that the more-than-expected slide of 3,682.94 points (29.2%) in just 26 trading days from May 11, 2006 (the day after the Sensex touched its all-time high of 12,612 points) are keeping apprehensive investors away.

Investor wealth, which had dropped by Rs 11.20 lakh crore when the Sensex touched its recent bottom, has recovered by Rs 2.96 lakh crore.

While FIIs have been net buyers by Rs 1,941 crore in June so far, MFs have sold equity worth Rs 2,240.89 crore.