Calcutta: Calcutta stock exchange President Kamal Parekh has claimed that the market has `bottomed out' and prices will start moving up soon. Addressing mediapersons on the occasion of `moorat' trading last night, Parekh attributed three reasons for revival in market sentiment, but declined to give any projection on sensex, saying, "I don't want to look foolish".He said recent corporate results were quite impressive, especially in information technology (IT) sector indicating growth rates of about 70-80 per cent.
Secondly, even the old economy stocks have fared reasonably well. Although cement stock did not perform upto expectation, "if you look at the results of ACC, it has actually posted a net profit of Rs 4.5 crore as against only Rs 1.5 crore in the second quarter of previous fiscal," he said. Pharma scrips also fared extremely well, he added.
Parekh said the third factor, which will contribute in upward trend is the fact that generally the FIs and FIIs tend to buy aggressively between November and January.
"There is virtually nothing wrong so far as fundamentals are concerned, what is needed is a trigger that will boost the market sentiments," Parekh added.
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