The Hindu : Sensex rebounds by 80 points

Online edition of India's National Newspaper
Wednesday, Sep 24, 2003

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Business

Sensex rebounds by 80 points

MUMBAI SEPT. 23. Hectic fag-end buying by foreign funds and short-covering by retail operators drove the Sensex sharply higher by 79.97 points to close at 4231.69 at the Bombay Stock Exchange on Tuesday with old-economy heavyweights grabbing the limelight, despite early weakness.

An upsurge in index-based blue-chips such as Reliance, HLL, BHEL, SBI, ITC, Telco, Tisco, HPCL, ICICI Bank, Grasim, Hindalco, BSES, GACL, Hero Honda, Satyam Computer and Zee Telefilms mainly contributed to the rise in Sensex rise.

The BSE-30 share sensitive index opened distinctly weak at 4138.01 against the previous close of 4151.72 and moved in a range between 4240.02 and 4111.54 on alternate bouts of buying and selling. Later, it concluded at 4231.69, a steep rise of 1.93 per cent. The broadbased BSE-100 index also recouped smartly by 57.09 points to end at 2159.14 against 2102.05. Some of the public sector enterprises (PSEs) counters, particularly refinery, once again attracted investors attention after getting battered for the past few days.

Foreign Institutional Investors (FIIs), who were heavy buyers in the last week, picked up select old-economy shares.

Dealers attributed subdued opening to overnight sharp decline on Wall Street where the Dow Jones Industrial Average and the Nasdaq Composite Index dipped by over 109 and 31 points. Short-covering by operators just two days ahead of the last day of the Futures & Options (F&O) also partly aided the uptrend, a prominent broker said.

— PTI

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