Stocks stage smart recovery by 84 points up Friday, July 15 2005 19:13 Hrs (IST) - World Time -
Mumbai: :
Led by Reliance Industries (RIL), stocks today staged a smart recovery lifting the Sensex by 84 points at close on the Bombay Stock Exchange (BSE) on hectic short covering coupled with sustained purchases by Foreign Institutional investors (FIIs).
Indian Financial Institutions, however, remained sellers for the fifth consecutive day of the week.
The BSE Benchmark 30-share Index opened on a promising note at 7192.45 and gradually moved upwards to the intra-day high of 7283.04 before ending the day at 7271.54 as against yesterday's close of 7187.70, a net rise of 83.84 points or
1.17 per cent.
The market turned bullish as operators, which had gone short following profit booking in the past few days, covered their short positions on the concluding session of the week, brokers said.
FIIs have become scrip-specific, making fairly heavy purchases in select blue chip counters. FIIs, which reported net investments of Rs 1092.60 crore in the first three days of the week, have pumped in over Rs 23,000 crore in equity in the current calendar year so far.
Operators were heavy buyers at fag end in a bid to make up their positions at the weekend, brokers added.
The news that inflation number touched 22-month low of 4.09 per cent in the first week of July also had sentimental impact on the market.
