The Hindu : Business : Sensex jumps 103 points

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Thursday, Nov 24, 2005

Business

Business

Sensex jumps 103 points

MUMBAI: The Sensex on Wednesday staged a dramatic turnaround after a two-day slide and ended 103 points up at 8638.34 on heavy buying support prompted by increased foreign institutional investment inflows coupled with upgradation of currency ratings for Reliance Industries.

RIL hogged the limelight scoring impressive gains on news that international credit rating agency, Standard & Poor's, upgraded its long-term foreign and local currency ratings to `BBB' from `BB+' with a stable outlook.

The Bombay Stock Exchange benchmark 30-share index (Sensex) rallied sharply to the intra-day high of 8649.68 before ending the day at 8638.34 against yesterday's close of 8534.97, a net recovery of 103.37 points or 1.21 per cent.

The Sensex had fallen by more than 150 points in the last two sessions after a slowdown in FII inflows last week.

Crediting the bounce back largely to hefty FII inflows of Rs. 423.70 crore in the Cash segment on November 21, brokers said FIIs and operators were engaged in squaring up of positions in the Futures and Options (F&O) segment ahead of expiry of contract on Thursday. Meanwhile, the market discounted the defeat of RJD, a key coalition partner in the Congress-led government at the Centre, in Bihar Assembly elections, as the development was unlikely to create any political instability, brokers added. Firm trend in Asian markets also had a positive impact on the market. — PTI

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