The Hindu : Sensex recovers 98 points

Online edition of India's National Newspaper
Wednesday, Dec 10, 2003

Business

Business

Sensex recovers 98 points

MUMBAI DEC. 9. After a brief pause, stocks bounced back and ended with impressive gains lifting the Sensex by 98 points on the Stock Exchange,Mumbai, here today on sustained purchases by foreign institutional investors as well as domestic mutual funds.

The BSE benchmark 30-share index opened moderately higher at 5143.19 and gradually moved upwards to the intra-day high of 5232.49 before ending at 5229.34 against yesterday's close of 5131.54, a net rise of 97.80 points or 1.91 per cent.

Barring HLL and HPCL, all index-based stocks were in keen demand from institutional investors who were believed to be heavy buyers in select old economy heavyweights. The FIIs who have stepped their activity, making hefty net investments of Rs. 1,523 crores last week, reportedly were selective buyers since Monday.

The market had reacted negatively last Friday to imposition of fresh margins by the National Stock Exchange shedding over 94 points after a seven-session long rally.

The sentiment was also aided by consistent net purchases by local mutual funds as well as reports that investors in global markets are picking up American Depository Receipts (ADRs) of Indian companies at a significant premium. Again, the market has turned bullish and expected to move upwards in the light of several positive factors including indication that reforms would get a renewed thrust.

PTI

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