Wednesday, Jan 26, 2005
Wednesday, Jan 26, 2005 |
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MUMBAI, JAN. 25. Overcoming early resistance, the market rallied sharply and ended up by 57 points driven by fairly good purchases by institutional investors as well as squaring up business by operators. In a dramatic rebound during morning trading from its intra-day low of 6069.33, the BSE Benchmark 30-share index later surged to the day's high of 6174.00 before ending the day at 6162.98 against yesterday's close of 6106.43, a net rise of 56.55 points. Price rally during midsession was partly credited to the Government's decision to sell 10 per cent equity in BHEL and 7.5 per cent stake in Maruti Udyog next fiscal, an indication that the Government was committed to disinvestment programme. The market seemed to have received heavy buying interest after it fell below the crucial support level of 6070, largely considered important as investors fear a sharp slide once the Sensex breached this mark, brokers said. Operators had been squaring up their positions in futures and options (F&O) ahead of expiry of January contract on Thursday. PTI
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