The Hindu : Business : Sensex gains 66 points

Online edition of India's National Newspaper
Friday, Dec 30, 2005

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Business

Sensex gains 66 points

MUMBAI: Reliance once again led the smart price rally after the overnight brief pause, aiding the Sensex to end 66 points up at 9,323.25 on hectic short covering and fresh buying support from operators and domestic funds.

The top heavyweight Reliance hogged the limelight and touched an all-time high of Rs. 894.90 during the trading following hectic buying interest from investors. The Bombay Stock Exchange benchmark 30-share index opened firm at 9,272.63 and later gradually moved upwards to an intra-day high of 9,338.11 before ending the day at 9,323.25 against 9,257.51, a net rise of 65.74 points.

Operators and retail investors were believed to have covered their short positions in key scrips including Reliance on the last day of December contract of the futures and options while foreign institutional investors slowed down inflows due to year-end considerations, brokers said.

Fresh buying support in cash segment was largely credited to reports that the Securities and Exchange Board of India (SEBI) may allow promoters to raise shareholding beyond 55 per cent through market purchases.

Foreign institutional investors reported meagre net investments of Rs. 77 crore in the first two days of the week. — PTI

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