The Hindu : Sensex zooms 223 points

Online edition of India's National Newspaper
Saturday, Jan 24, 2004

Business

Business

Sensex zooms 223 points

By Our Special Correspondent

MUMBAI, JAN. 23. The Bombay Stock Exchange (BSE) 30-share sensitive index bounced back strongly today to end the week at 5816.64. In the process, it went up by 223 points or over 4 per cent on Friday after having crashed by 470 points in the last three trading days. This is the biggest single day gain since April 4, 2000. On Monday last, it had gained 118 points.

The market got a new lease of life after the market regulator, the Securities and Exchange Board of India in a statement warned market participants spreading `baseless rumours', which precipitated a fall in the stock indices. This coupled with international rating agency Moody's upgrade on India's foreign currency ratings to investment grade set the ball rolling.

All the Sensex stocks ended in the positive territory except ITC and HDFC Bank. BHEL, GAIL, Hero Honda, Bajaj Auto, M&M, Zee Tele, Maruti and Tata Motors ended with handsome gains.

PTI reports:

After a three-day havoc on bourses, the market today witnessed a major turnaround in unusually excessive volatility. Operators joined the bandwagon of institutional investors and reportedly made frenzied purchases to cover their short positions at the last session of the week. As a result, the BSE index that went roller-coaster after opening on a strong footing at 5646.33, and skyrocketed to the intra-day high of 5832.74 before ending at 5816.64 against yesterday's close of 5593.74, a net rise of 222.90 points or 3.98 per cent.

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