Financial Daily from THE HINDU group of publications
Friday, Jul 25, 2003
Financial Daily from THE HINDU group of publications Friday, Jul 25, 2003 |
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Foreign Institutional Investors Markets - Stock Markets FIIs' active buying propels market Our Bureau
Mumbai , July 24 THE stock prices rebounded sharply on Thursday after remaining dull for a week. The uptrend in the market was mainly due to active buying from FIIs and select institutional investors. The market opened on a flat note and slowly witnessed buying support as the day progressed. However, in the last one hour, there were heavy purchases by FIIs in the index stocks, which led sharp rise in the indices. There was also active buying in the index stocks through basket trading by a leading US-based FII. The BSE Sensex gained 90.18 points (2.52 per cent) to close at 3,668.07 and the NSE S&P CNX Nifty closed at 1,139.45, up 20.4 points. Dealers said the main factor that driven the stock prices up was good results from most of the index companies in first quarter. "All the blue-chip companies have reported good results and the next few quarters are also likely to be good," said an analyst.
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