The Hindu : Business : Bourses bounce back by 211 points

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Friday, Mar 02, 2007
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Business

Bourses bounce back by 211 points

MUMBAI: The stock market showed greater resilience in an otherwise highly volatile trade and bounced back by 221 points on the back of a sharp rally in IT, bank and capital goods shares on Thursday.

The market resisted reacting to sustained battering in Asian bourses, as operators and domestic funds rushed with heavy buy orders in key sectors not only to cover short positions but also make fresh purchases at attractive levels.

Fluctuating erratically between 13080 and 12861 in the first half of the session, the sensex later rallied smartly on the back of hectic buying support and ended at 13159.55, a net rise of 221.46 points or 1.71 per cent over Wednesday's close of 12938.09. The sensex had fallen by 540 points on Wednesday owing to the global carnage and lack of encouraging budget proposals for industry. The S&P CNX Nifty recovered 66.90 points or 1.76 per cent to close at 3811.20 from close of 3745.30.

Major Sensex contributors were Infosys Tech, TCS, Satyam, Wipro, Reliance Industries, ICICI Bank, SBI, HDFC Bank, L&T, Reliance Comm, Bharti Airtel and Tata Steel, which registered impressive gains on the back of shortcovering by operators and heavy buying support from mutual funds. Only frontline counters attracted brisk activity as they caught investors' attention at the current market levels. — PTI

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