The Hindu : Stocks rebound from early lows

Online edition of India's National Newspaper
Tuesday, Nov 11, 2003

Business

Business

Stocks rebound from early lows

MUMBAI NOV. 10. Stocks rebounded from the day's lows and majority of key scrips even scored impressive gains, aiding the Sensex break the three-session string of losses in volatile activity on the Stock Exchange, Mumbai, here today on late purchases by foreign funds as well as operators.

The BSE benchmark 30-share index opened moderately lower at 4962.22 and later dipped to the day's low of 4909.66 before bouncing back to end at 4998.57 against last Friday's close of 4971.57, a net gain of 27 points.

The market, however, made a strong turnaround overcoming early strong resistance on the back of fairly heavy purchases by FIIs who have pumped in Rs. 1,506 crores in the first four sessions of last week. The FIIs were believed to have made heavy purchases in key stocks, focussing their attention on refinery shares. The market seemed to be awaiting participation of retail investors.

Effective November 10, the BSE has changed the Sensex's composition, after converting its methodology for calculating the index value from total market capitalisation to free float market capitalisation. It replaced five companies in the Sensex. Castrol, Colgate, Glaxo, HCL Technologies and Nestle have been removed and Bharti Tele, HDFC Bank, ONGC, Tata Power and Wipro have been added to the Sensex. Heavyweighted counters such as Grasim, HLL, ONGC, RIL, Ranbaxy, Tata Motors, Tata Power, Tisco and Zee Telefilms recovered their losses. — PTI

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