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Smart rebound in stocks


MUMBAI, JAN. 13. Riding high on hectic buying spree, stocks today bounced back lifting the Sensex by 118 points at close in volatile activity, even as IT major TCS reported better-than-expected results for the quarter ended December 31.

The BSE barometer had fallen by over 576 points from the lifetime closing high of 6679.20 on January 3 to 6102.74 on January 12 due to negative foreign institutional investment activity.

The BSE benchmark 30-share index opened strong at 6138.05 and gradually moved upwards to the intra-day high of 6242.95 before ending the day at 6221.06 against yesterday's close of 6102.74, a net rise of 118.32 points or 1.94 per cent.

Crediting the "stocks rebound," after a healthy correction in the market in the last seven trading sessions, to excellent quarterly results by Infosys Technologies and TCS, brokers said foreign institutional investors too were seen taking up positions in blue chip counters at the lower levels.

A prompt clarification by the Finance Minister, P. Chidambaram, that the Government had no plans to tax FIIs after the Reserve Bank of India Governor, Y. V. Reddy's statement yesterday that price-based controls such as a tax could be considered on FII inflows, had a soothing impact on the market.

Operators and retail investors reportedly were heavy buyers in a number of blue chip counters.

In the specified group, 175 including 26 index-based scrips registered sharp to moderate advances.

— PTI

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