Wednesday, April 6 2005 18:00 Hrs (IST) - World Time -

Mumbai: The stock market today (Apr 6, 2005) made a swift turnaround after the overnight sharp fall, bouncing back by 56 points in volatile trade as operators took up fresh positions on the back of fairly heavy Foreign Institutional Investors (FIIs) inflows.

Despite high global oil price and indications of slow economic growth, the market witnessed sizeable buying support from domestic investors at the lower price levels.

The BSE Benchmark 30-share Index opened moderately up at 6555.92 and later moved erratically in a range of 6617.20 and 6551.68 before ending the day at 6606.41 against yesterday's (Apr 5, 2005) close of 6550.29, a net rise of 56.12 points or 0.86 per cent.

After a slowdown in activity in the past couple of weeks, FIIs reported net purchases of Rs 244 crore on April 4, the first day of the week.

Brokers credited the change in operators' attitude to positive FII activity in the initial two days of the month. They seemed to be making fresh commitments ahead of the quarterly results expected in the month.

Global oil prices, which hit a new record high of $ 58.28 a barrel, cooled yesterday and were quoted at $ 55.85 a barrel on the New York Mercantile Exchange, during mid session in Asia today.

India is set to witness a roller-coaster growth in the next three years ranging between 6-7 per cent mainly due to fluctuations in prospects of industry and services sectors, according to the Asian Development Bank.

Prime Minister Manmohan Singh has also said the economy was not on track to achieve many of the important targets of the plan and corrective policies are, therefore, urgently needed.