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Stocks bounce back


MUMBAI, JAN 13. Stocks bounced back, lifting the Sensex to a new historic closing high at 6132.97 in volatile activity after the overnight sharp setback on Bombay Stock Exchange on Tuesday on heavy purchases by foreign funds.

The BSE benchmark 30-share index opened on a promising note at 6084.65 and later rallied sharply to the intra-day high of 6147.74 before ending at 6132.97 against yesterday's close of 6067.76, a net rise of 65.21 points or 1.07 per cent.

Bull operators, however, reportedly were engaged in shifting portfolios in a bid to reduce their exposure to 50 per cent before the SEBI's deadline of January 14 following its permission for margin funding.

Retail operators including domestic mutual funds, too made fairly good purchases in select blue chip stocks in response to hefty net purchases of Rs. 440 crores by foreign institutional investors last Friday. The FIIs have made net investments of Rs. 1,072 crores last week. The broadbased BSE-100 index edged up by 5.68 points to 3242.54.

Key stocks such as Reliance, ITC, BHEL, Dr. Reddy's Lab, Grasim, HDFC, ICICI Bank, Infosys Technologies, MTNL, Ranbaxy, SBI, Tata Motors and Tata Power scored impressive gains on heavy buying support.

However, PSU refinery stocks suffered a sharp setback on profit booking by operators.

As a result, HPCL, BPCL, IOC, ONGC, Chennai Petroleum and IBP recorded substantial losses and pushed the BSE PSU index down by 41.02 points to 4189.76. — PTI

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