The Hindu : Business : Sensex rebounds from day's low

Online edition of India's National Newspaper
Friday, Mar 10, 2006

Business

Business

Sensex rebounds from day's low

MUMBAI: The stock market on Thursday made a strong comeback, rebounding from the day's low to end 65 points up at 10,573.54 driven by late shortcovering by traders coupled with heavy purchases by domestic funds amid negative FII activity.

The Bombay Stock Exchange benchmark 30-share index (Sensex) swung by 216.54 points between the intra-day low of 10,376.54 and the high of 10,593.08 on selling alternated by hectic buying support before closing at 10,573.54 against last close of 10,508.85, a net rise 64.69 points.

The huge slide of 376.59 points in the last three days from the all-time intra-trade high of 10,753.13 to Thursday's low was considered to be a required downward correction for the good health of the market, brokers said. Traders covered short positions in the second half of the session while domestic mutual funds made heavy purchases in several key counters, they added.

Foreign institutional investors were believed to be heavy sellers for the third consecutive session. They made withdrawals of Rs. 2,110 crore in Nifty futures and Rs. 824 crore in stocks futures on Wednesday. — PTI

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