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Rally in FMCG, metal stocks
MUMBAI:
Led by a sharp rally in metal and fast moving consumer goods (FMCG) sectors, the Bombay Stock Exchange sensitive index bounced back after a three-day slide and ended 110 points up at a new closing peak of 10,950.30 on Friday on hectic buying support in relatively low volume trade. The BSE benchmark 30-share index (Sensex) opened on a promising note at 10,851.80 and gradually moved upwards to the intra-day high of 10,966.06 before closing at 10,950.30 against Thursday's close of 10,840.59, a net rise of 109.71 points or 1.01 per cent. The Sensex had lost 101 points in the last three sessions.
Metal stocks such as SAIL, Sterlite Industries, Tata Steel, Hindustan Zinc, Hindalco, Nalco, Jindal Steel and Essar Steel hogged the limelight for the second consecutive day following the overnight broad rally on the London Metals Exchange (LME). Foreign institutional investors (FIIs) and local mutual funds were believed to be heavy buyers in a number of key counters throughout.
Operators joined the bandwagon and covered part of their short positions in the derivatives.
PTI
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