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Early gains not fully held on BSE


MUMBAI, MARCH 23. Stocks reacted negatively in the last 30 minutes and gave up part of early gains after a sharp midsession rally on the Bombay Stock Exchange today due to late sell-off by domestic mutual funds.

The Sensex, however, recovered part of overnight losses on the back of smart rises in select blue-chip counters. The BSE benchmark 30-share index opened moderately lower at 5356.97 and later witnessed narrowly mixed trend moving in a small range of 35 points till the midsession. Thereafter, the BSE barometer rallied sharply to the intra-day high of 5450.38 before ending at 5400.99 against yesterday's close of 5365.40, a net gain of 35.59 points.

Operators and retailers who generally had adopted a wait and watch policy in the light of the general elections to be held in the next two months, were believed to have covered short positions ahead of the expiry of March contract in derivatives on Thursday.

The FIIs who were net buyers to the tune of Rs. 717 crores last week, reportedly made purchases in select key counters at the prevailing lower price levels.

PTI

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