Sensex soars by 112 pts spurred by all-round buying Friday, April 1 2005 16:58 Hrs (IST) - World Time -
Mumbai:
Spurred by across-the-board buying support, the stock market today (April 1, 2005) rallied sharply for third day in a row lifting the Sensex by 112 points at close even as the first day of new financial year attracted brisk activity.
Discounting high oil prices, which held above $ 55 a barrel, institutional investors as well as operators and retailers reportedly made heavy purchases in shares of the large-cap and mid-cap.
The BSE Benchmark 30-share Index opened firm at 6506.60 and gradually moved upwards after the initial volatile trade and hit the intra-day high of 6618.08 before ending the day at 6605.04 against yesterday's close of 6492.82, a net rise of 112.22 points or 1.73 per cent.
The Sensex has recovered by 237.18 points or 3.72 per cent in the last three days.
Foreign Institutional Investors (FIIs), which had slowed down activity in the past few days, were believed to be heavy buyers in a number of counters during the day. Local funds too continued their buying spree at the prevailing lower levels.
Operators and retailers, which have turned upbeat since the last couple of sessions, reportedly were all-round buyers on the back of the re-entry of the market driver, FIIs.
The sentiment was well supported by a further fall in the inflation to 5.11 per cent in concluding week of the 2004-05.
Global markets also witnessed a strong rally during the day. Nikkei ended up by 56.68 points, Hang Seng by 25.53 points and FTSE by 26.25 points.
