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Stocks bounce back


MUMBAI, JUNE 15. Stocks bounced back with after a three-session slide, lifting the Sensex up by 69 points at close on the Bombay Stock Exchange here today on hectic buying support from operators prompted by expectations of a tax exemption on capital gains.

After a weak start at 4696.51, the BSE benchmark 30-share index rebounded from its low and rallied smartly to the intra-day high of 4824.03 before ending at 4814.85 against yesterday's close of 4746.01, a net rise of 68.84 points or 1.45 per cent. The Sensex had fallen by about 218 points in the last three sessions.

Attributing the dramatic turnaround in sentiment to reports that the Union Finance Ministry was considering a number of suggestions from investors and brokers, including a tax exemption on capital gains, brokers said buying was in the nature of short covering by operators. Operators seemed to have taken up positions for the short term with the Budget session of Parliament beginning from July 5, brokers added.

The Finance Minister, P. Chidambaram, will present the Union Budget for 2004-05 on July 8. The market also discounted a likely hike in the price of petrol and diesel as well as negative activity by foreign institutional investors.

Heavyweights such as RIL, Tata Motors, MTNL, BHEL, HDFC Bank Hero Honda, Hindalco, SBI, Tisco, Zee Telefilms, Wipro, Satyam Computer, HLL and Infosys Technologies recorded marked gains.

However, HPCL, Dr. Reddy's, Cipla and Bharti Tele showed moderate falls on profit taking.

The broad-based BSE-100 index firmed up by 35.17 points to 2560.38.— PTI

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