The Hindu : Business : Market recovers, bank stocks rise

Online edition of India's National Newspaper
Friday, Mar 11, 2005

Business

Business

Market recovers, bank stocks rise

MUMBAI, MARCH. 10. Led by banking shares, prices today rallied on Bombay Stock Exchange, pushing up the Sensex by 15 points to end at 6907.65 on renewed buying activity even as investors booked profit at every rise. Mirroring the sharp rise in banking shares, the Bankex shot up by 55 points to end at 4167.86.

SBI led the pack with a steep rise of Rs. 21.65 rise to Rs. 742.50 followed by UTI Bank by Rs. 7.40 to Rs. 257.10, J&K Bank by Rs. 9.30 to Rs. 381.80, Allahabad Bank by Rs. 8.45 to Rs. 97.65, Union Bank by Rs. 5.35 to Rs. 130.95 and Oriental Bank by Rs. 4.90 to Rs. 365.20.

The BSE benchmark 30-share sensitive index opened weak at 6888.73 against yesterday's close of 6892.82 and declined further due to increased selling and touched an intra-day low of 6849.98. Later, on revival of buying, it shot up to a high of 6917.60, before ending at 6907.65, showing a good recovery of 14.83 points or 0.22 per cent over the last close.

Foreign institutional investors, the main driving force behind the rally since the Budget day, continued to buy heavily, brokers said and added ``FIIs have already put in a whopping Rs. 3,119 crores in the month of March and Rs. 12,188 crores in the current year.'' Among other gainers, Reliance rose by Rs. 6.55 to Rs. 593.95, Grasim by Rs. 12.25 to Rs. 1,396.75, ONGC by Rs. 18.70 to Rs. 930.85 and HDFC by Rs. 18.45 to Rs. 819.70.

PTI

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