The Hindu : Business : Market snaps five-day losing string

Online edition of India's National Newspaper
Friday, Aug 26, 2005

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Business

Market snaps five-day losing string

MUMBAI: The market snapped a five-session losing string and the benchmark 30-share index recovered by 48 points in choppy trading on short-covering by operators on the last day of August contract amid a slowdown in foreign institutional investment activity.

The Bombay Stock Exchange sensitive index opened smartly up at 7651.11 and later witnessed erratic movements in a range of 7672.18 and 7595.84 on alternate bouts of buying and selling before ending the day at 7660.42 against yesterday's close of 7612, a net gain of 48.42 points.

Operators covered short positions at the fag end on the last day of futures contract, taking a cautious stance in view of continued FII slowdown, brokers said. Foreign institutional investors reported small net investments of Rs. 70 crore in the first two days of the week.

Meanwhile, global oil prices soared to an all-time high of $68 a barrel in Asian trade during the mid-session before being quoted at $67.49 a barrel in afternoon trade.

The small-cap and mid-cap stocks were in the limelight on renewed buying support in these segments. Reflecting the price rally, the BSE Small-Cap Index spurted sharply by 161.03 points to 5594.39. The BSE Mid-Cap Index shot up by 45.95 points to 3909.63.

Investors seemed to be worried over soaring oil prices which could affect the economic growth if continued to remain high, brokers said anticipating a hike in petrol and diesel prices at home. — PTI

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