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Sensex surges 585 pts, as FIIs return

Sensex surges 585 pts, as FIIs return
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First Published: Fri, Feb 01 2008. 06 15 PM IST
Updated: Fri, Feb 01 2008. 06 15 PM IST
Mumbai:Sensex surged 585 points as foreign institutional investors returned to the market, picking up fundamentally strong shares available at existing low levels.
The 30-share, Sensex, which fell by 110 pts yesterday, bounced back by 584.71 points at 18,233.42 as heavy-weight stocks in banking, metal, refinery and public sector undertaking companies rose smartly.
Similarly, the wide-based National Stock Exchange index, Nifty, shot up by 179.80. points at 5,317.20 as index-related stocks ended with hefty gains.
Extremely volatility at the bourses lured foreign investors to park their funds in the domestic market, brokers said.
They added that the Sensex rose as much as 1.4%, its first gain in five days, as firm Indian rupee also attracted overseas investors.
In recent times, the foreign funds sold a record 3.23 billion dollar stocks in Indian equities, more than they bought in the month of January alone, according to Securities and Exchange Board of India.
Late Morning
Mumbai: The BSE benchmark Sensex moved up by 113 points at 10.30 am. Friday on strong domestic buying coupled with firm global cues amid sustained FII pullout.
The 30-share index, Sensex, which opened at 17,820.67 was later quoted at 17,762.07 at 10.30 a.m., a gain of 113.36 points over previous day’s close.
It touched a high of 17,902.16 in early trade.
Domestic Institutional Investors seem to have undertaken salvage operations as Foreign funds continued to pull out from equity rather than announcing fund allocations for the new calendar, market participants said.
The broader S&P CNX Nifty of the National Stock Exchange also recovered by 47.55 points to 5,185.00 at 1030 hrs today from yesterday’s close of 5,137.45.
American stocks overcame pressure and closed sharply up yesterday after MBIA, a leading US bond issuer, expressed confidence in its ability to maintain its Triple-A credit rating and dismissed any possibility that it faces insolvency.
The Dow Jones Industrial Average yesterday bounced by 207.53 points or 1.67 per cent. Asian indices traded mixed in morning today.
FIIs made withdrawals of Rs 3,938 crore in equity, while domestic funds bought shares worth Rs 2,160 crore on the last day of January, as per the provisional data.
Opening Bell
The Bombay Stock Exchange benchmark Sensex moved up by 253.45 points in early trade Friday on emergence of buying by funds at existing lower level.
The 30-share index, Sensex, which lost 110 points Friday, bounced back by 253.45 points to 17,902.16 in the first five minutes of trade.
Similarly, the wide-based National Stock Exchange’s index Nifty also rose by 77.90 points to 5,215.35 as most of the heavy-weight stocks like Reliance Industries and Infosys Technology gained substantial ground.
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First Published: Fri, Feb 01 2008. 06 15 PM IST