The Hindu : Sensex rebounds 72 points

Online edition of India's National Newspaper
Wednesday, Nov 26, 2003

Business

Business

Sensex rebounds 72 points

MUMBAI NOV. 25. Equities bounced back dramatically after the overnight negative reaction and lifted the Sensex by 72 points at close on the Bombay Stock Exchange today on heavy purchases by domestic financial institutions.

The BSE benchmark 30-share index opened on a firm note at 4845.10 and gradually moved upward to the intra-day high of 4900.21 before ending at 4894.59 against yesterday's close of 4822.15, a net rise of 72.44 points or 1.50 per cent. The broad-based BSE-100 index shot up by 40.10 points to 2524.87. Sustained buying by local institutions has also prompted retail investors to participate, albeit on selective basis. Domestic funds which have made net purchases of Rs. 349 crores last week, were believed to be heavy buyers in blue chip counters including heavyweights such as RIL, Satyam Computer, Tisco,Tata Motors and SBI.Foreign institutional investors have once again slowed down their activity after making heavy net investments last Thursday, market sources said adding that Thursday's dramatic net purchases resulted in injecting confidence among investors that the FIIs would not resort to heavy sell-off as anticipated.

However, operators seemed to have squared up positions in derivatives with a holiday on Wednesday for Id festival, ahead of the expiry of November contract on November 27.In the specified group, 157 including 25 index-based counters registered sharp to moderate gains while 38 others closed with losses. — PTI

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