The Hindu : Business : Sensex jumps 258 points

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Friday, Oct 26, 2007
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Sensex jumps 258 points

MUMBAI: The benchmark Sensex on Thursday surged by 258 points as investors engaged in hectic buying on the Bombay Stock Exchange and shares of Tata Steel and ICICI Bank registered sharp rise.

Foreign institutional investors as well as retail investors hectically covered short positions in derivatives on the concluding day of October series. The BSE barometer moved in the range of 18900.10 and 18459.51 before ending the day at 18770.89, a rise of 257.98 points over Wednesday’s close of 18,512.91.

The broader S&P CNX Nifty of the National Stock Exchange also ended up by 72.80 points to close at 5568.95 against the previous close of 5496.15.

Initially, investors seemed cautious ahead of SEBI’s board meeting on Thursday to decide on restrictions on P-Notes amid reports that the Reserve Bank of India (RBI) has reiterated its earlier stance of a complete ban on PNs. Activity, however, was picked up as investors continued to roll over positions to next series indicating the market’s bullish undertone.

Rupee ends higher

The rupee on Thursday ended at 39.53/54 against the greenback, stronger by five paise from the previous close of 39.58/59 due to firm equity markets and absence of fresh dollar demand. Initially, the rupee touched a low of 39.58 as traders adopted a cautious approach. — PTI

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