Sensex recovers by 371 points
By Our Market Bureau | 19 May 2004
Mumbai:
The settlement of the transactions were smoothly handled
which lifted the sentiments of investors and led to sustained
buying of frontline stocks. Later in the afternoon the
news that Sonia Gandhi will not be becoming the Prime
Minister.
The 30-share Sensex of the Bombay Stock Exchange jumped 8.25 per cent or 371 points to close at 4877.02 while the broader S&P CNX Nifty of the National Stock Exchange rose 8.3 per cent to close at 1503.95.
The advances and declines data of the BSE shows that today's rally was broad-based. In the `A' group only five stocks declined while 194 advanced. In the `B' group, 970 stocks rose while 437 fell. In the `A' group no shares hit the lower circuit filter, while five froze at the upper circuit breaker
Mutual
funds have bought stocks worth nearly Rs 750 crore in
two days. Even though SEBI data shows that foreign institutional
investors were net sellers on Monday, their gross purchases
exceeded
Rs 1,200 crore easing fears of an FII exodus from Indian
equities. But some dealers do expect institutions to sell
at higher levels.