The Hindu : Business : Sensex strengthens

Online edition of India's National Newspaper
Saturday, Jun 24, 2006

Business

Business

Sensex strengthens

MUMBAI: Negative global factors notwithstanding, the stock markets on Friday bounced back from early lows and closed 125 points up at 10401.30 as bull operators tightened their grip on the back of heavy foreign institutional investment inflows.

Led by heavyweight Reliance Industries (RIL), the Sensex, which shed about 250 points in morning trade in line with bearish trend in Asian markets, gradually moved upwards as buying intensified during the day.

The Bombay Stock Exchange 30-share sensitive index (Sensex) touched the intra-day low of 10025.19 in the initial 30 minutes of trading but later recovered sharply to close at 10401.30 against 10275.88, a net rise of 125.42 points or 1.22 per cent.

While bear operators and foreign institutional investors were engaged in hectic shortcovering in the Futures and Options (F&O) segment, bulls were seen creating fresh positions in the Cash segment, market players said. Despite a sharp bounce back from its intraday low, Allcargo Global Logistics failed to close above its issue price of Rs. 675 per share in its debut trade and settled marginally down at Rs. 670.15.

The Mumbai-based logistics service provider made its debut on the stock exchanges on Friday. The stock rose to as high as Rs. 689 earlier in the trading session. — PTI

Printer friendly page
Send this article to Friends by E-Mail

Business

News Update

Stories in this Section