The Hindu : Business : Sensex rebounds

Online edition of India's National Newspaper
Saturday, Jun 10, 2006

Business

Business

Sensex rebounds

MUMBAI: After a four-day long carnage, the key barometer of the Bombay Stock Exchange on Friday registered the highest ever single-day gain of 514.65 points on all-round buying support. The previous highest gain for the index was 426.05 points registered on March 24, 1992.

The BSE 30-share index (Sensex) not only recovered overnight losses but also rallied further to close at 9810.46, snapping a four-day bear run.

Petrochem giant and among the top heavyweights, Reliance Industries Ltd (RIL), were the most sought after stocks and shot up by Rs. 96.85 to close at Rs. 922.10, contributing immensely to the rise in Sensex, dealers said.

Though Sensex opened slightly weak at 9270.78 against Thursday's close of 9295.81, it immediately pulled back sharply and rallied to a high of 9849.20, before closing at 9810.46, registering a smart rise of 5.54 per cent.

Similarly, on the National Stock Exchange, the S&P CNX Nifty rose by 141.95 points or 5.21 per cent to 2866.30.

After four days of carnage that wiped out a massive 1,155-point or 11 per cent from the index, operators and panic-stricken retail investors today got some relief due to the remarkable recovery upsurge, brokers said.

Firm trend in Asian markets at close today primarily helped the Sensex in its rebound journey. All sectoral indices also finished with remarkable gains. (

Short sellers rushed to cover pending positions in futures and options (F&O) segment, leading to sustained rise in share values. Foreign institutional investors, who sold shares worth Rs. 8,247.40 crore in May, turned net buyers in select blue-chip counters in the current month so far. — PTI

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