The Hindu : Business : Smart rally in equities lift Sensex

Online edition of India's National Newspaper
Friday, Jan 28, 2005

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Business

Smart rally in equities lift Sensex

MUMBAI, JAN. 27. Equities rallied smartly lifting the sensex by another 76 points at close on the Bombay Stock Exchange today as operators squared up positions in the last trading session of January contract in derivatives and institutional investors made fresh purchases.

Extending its gains to second session in a row, the BSE Benchmark 30-share Index opened strong at 6188.38 and gradually moved upwards to the intra-day high of 6252.39 before ending the day at 6239.43 against Tuesday's close of 6162.98, a net gain of 76.45 points or 1.24 per cent.

Crediting the consecutive price rally to the end of derivatives contract, brokers said operators were engaged in squaring up business in the futures and options segment throughout the session.

The positive turnaround has raised hopes about a pre-budget price rally during February on high expectations from the forthcoming Union Budget.

Domestic financial institutions were believed to be good buyers in select blue chip counters that have reported better-than-expected Q3 results.

The market, however, seemed to be in a cautious mode in the light of slowdown in FII activity from the beginning of the new calendar year, brokers added.

PTI

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