The Hindu : Business : Sensex up 54 points, ends past 8600 mark

Online edition of India's National Newspaper
Friday, Nov 18, 2005

Business

Business

Sensex up 54 points, ends past 8600 mark

MUMBAI: Overcoming early resistance, stocks continued their upward march and the Sensex on Thursday gained by 54 points to end past the 8600 level for the first time in six weeks, driven by fairly good buying support from operators and domestic mutual funds amid slowdown in foreign institutional investment inflows.

Brokers credited the extension of gains to five straight sessions to revival of buying support from operators and local funds even as foreign institutional investors indicated a slowdown in their activity.

The Sensex, which has been moving upwards since October 31, closed above the 8600 mark for the first time after October 5.

The Bombay Stock Exchange benchmark 30-share index (Sensex) made a dramatic turnaround from the intra-day low of 8547.34 and surged to a strong finish at 8649.52 against yesterday's close of 8595.92, a net gain of 53.60 points.

Investors were seen making fresh commitments in the top heavyweight RIL on reports that a leading international rating agency, Moody's have upgraded the company's rating to Baa3 from Ba2, brokers said.

Banking stocks too remained in the limelight on hopes of hike in FDI limit in the sector while automobile shares scored smart gains on good growth in vehicle sales. — PTI

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