The Hindu : Business : Market bounces back on heavy buying

Online edition of India's National Newspaper
Wednesday, Jun 01, 2005

Business

Business

Market bounces back on heavy buying

MUMBAI: Buoyed by strong revival of support from domestic funds, the market today bounced back with a vengeance and ended 52 points up in an otherwise low volume even as bank stocks hogged the limelight on expectations of early reforms in banking sector. The BSE benchmark 30-share index opened moderately up at 6666.17 and gradually moved upwards to the intra-day high of 6722.55 before ending the day at 6715.11 against yesterday's close of 6663.55, a net rise of 51.56 points. The broadbased BSE-100 index firmed up by 30.88 points to 3601.73.

Domestic mutual funds, which relatively had slowed down purchases during last week, were believed to be heavy buyers in several key counters including heavyweighted counter such as Reliance, ITC, SBI, Dr. Reddys' Lab, Infosys Tech, Satyam Computers, ONGC and Wipro. Bank stocks witnessed remarkable rally on news of a meeting between the Finance Minister, P Chidambaram, and bankers on June 3 to firm up next generation banking reforms and set targets for credit flow to sustain seven per cent growth in economy.

PTI

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