The Hindu : Sensex up 85 points

Online edition of India's National Newspaper
Saturday, Sep 27, 2003

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Business

Sensex up 85 points

MUMBAI, SEPT. 26. Stocks bounced back with a vengeance lifting the Sensex by a whopping 85.42 points to close at 4382.57 in brisk activity on the Bombay Stock Exchange on Friday on heavy purchases by foreign institutional investors as well as domestic private funds.

Telecom counters hogged the limelight scoring impressive gains on hectic buying prompted by the Group of Ministers on Telecom's approval to hike foreign investment limit in the sector to 74 per cent from 49 per cent. The BSE benchmark 30-share index opened marginally higher at 4299.66 and gradually moved upwards to the intra-day high of 4388.83 before ending at 4382.57 against the previous close of 4297.15, a net rise of 1.99 per cent.

The broadbased BSE-100 index also firmed up by 36.71 points to 2248.89. Attributing the turnaround to a sharp increase in FII activity, brokers said operators once again made heavy commitments after squaring up positions on Thursday.

Heavyweighted counters like Reliance, Hindustan Lever, Grasim and SBI, Tata Motor, Tisco, L&T, ICICI Bank, GACL and Cipla recorded sharp gains on heavy buying support.

Telecom stocks like MTNL, Bharati Telecom, Himachal Futuristic and Shyam Telecom were among the top gainers.

— PTI

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