The Hindu : Stocks recoup losses

Online edition of India's National Newspaper
Saturday, Sep 20, 2003

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Business

Stocks recoup losses

MUMBAI SEPT. 19. In an extremely volatile trading, stocks recouped almost all their overnight losses, lifting the Sensex by 83 points at close in risk activity on the Stock Exchange, Mumbai, today on renewed buying by mutual funds and speculators coupled with fresh purchases by foreign institutional investors.

The pattern of trading can be judged by the index movement as the BSE benchmark 30-share index, after opening strong at 4159.72, nosedived to a low of 4097.55. Later, it zoomed to touch the intra-day high at 4224.73 before settling at 4217.12 against 4134.15, a net rise of 82.97 points or 2.01 per cent. Domestic mutual funds were believed to be heavy buyers in HPCL at the prevailing lower level, besides select key old economy stocks such as Bajaj Auto, RIL, ACC, BSES, HDFC, Hero Honda, Hindalco and L&T.

After a strong bout of hammering yesterday, speculators reportedly made fairly heavy commitments during the session in a bid to square up positions at the last day of the week along with fresh purchases by FIIs who have made net investments of Rs. 573 crores during the first three sessions. The broad-based BSE-100 index also recovered by 18.99 points to 2140.62. A sharp rally on Wall Street yesterday had a sentimental impact on the market. The Dow Jones Industrial Average and the Nasdaq Composite Index spurted by 113 points and 26 points respectively.

The market has bounced back after ending above the crucial 4130-level yesterday, said brokers anticipating a fresh round of price rally. In the specified group, 166 counters registered sharp to moderate losses while 24 others ended with gains. The BSE-500 advanced by 17.43 points to 1618.94 and the Dollex-30 to 753.81 from 736.57.

PTI

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