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Saturday, Jan 29, 2005

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Markets bounce back; Sensex gains 179 points

Our Bureau

Mumbai , Jan. 28

THE bourses, which have been volatile for past several days, ended the week on a very bullish note with both the indices posting gains of over 2.7 per cent during Friday's trade. The Sensex gained 179.66 points to close at 6,419.09, the highest since January 5 this year. The Nifty gained 53.3 points and breached the 2,000-level to close at 2,008.30.

The bourses opened strong and remained in the green all day. FIIs had rolled over a significant amount of their futures and options positions on the settlement day on Thursday. This gave the markets the much-needed confidence boost.

In the morning, there were also speculations of revaluation of the Chinese currency, yuan, which triggered fresh FII inflows. In addition, investors have been taking positions ahead of Budget announcements.

Domestic institutional investors LIC and UTI were big buyers today. The markets witnessed all-round buying. Volumes were fairly high though the BSE registered a more substantial increase in volumes.

Over 23 crore shares worth Rs 2,528.65 crore were traded on the BSE today, while 37.84 crore shares worth Rs 5,711 crore were traded on the NSE.

Tata Power, SBI, Gujarat Ambuja, and L&T were the big gainers among the Sensex 30 scrips.

The Nifty was buoyed further by Sun Pharma, Oriental Bank of Commerce, BPCL, and Mahindra & Mahindra, among others.

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