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Sensex bounces back by 98 pts, ends above 10k

Sensex bounced back with a vengeance and shot up to close at 10,079.30 on fresh bouts of heavy buying.

india Updated: Feb 20, 2006 17:08 IST
Press Trust of India
Press Trust of India

The Bombay Stock Exchange Sensex bounced back with a vengeance and shot up by 98.19 points to close above the 10,000 mark at 10,079.30 on fresh bouts of heavy buying in select index-based shares.

The BSE 30-share index started the day on a higher note at 10,002.36 as against the previous close of 9981.11, but later met with heavy selling at higher level and declined sharply to a low of 9896.64.

Thereafter, buyers became active and the Sensex bounced back to touch an intra-day high of 10,092.85, before ending at 10,079.30 revealing a good gain of 0.98 per cent over the previous close.

Operators and retail investors, who were heavy sellers last week following a pull-back from Foreign Insitutional Investors (FIIs), re-endered the market in full swing and made good purchases in select blue-chip counters, brokers said.

FIIs who had sold equities worth Rs 559.30 crores last week, became active buyers once again and made net purchases worth Rs 247.10 crores on Febaurary 16, according to figures provided by Secrities Exchanges Board of India (SEBI).

Meanwhile, the credit rating agency ICRA on Monday pegged upwards economic growth projection to 7.7 per cent for this fiscal, which is still lower than government's estimate of 8.1 per cent.

However, for next fiscal, ICRA expects GDP growth to be within the range of 7.4-8.2 per cent.
The major gainers were RIL, Infosys Tech, HLL, ICICIBank, MUL, Tata Motors, Tata Steel, TCS, SBI, Cipla, Dr Reddy, ACC, Grasim, HDFC, Satyam, Wipro and ONGC.

First Published: Feb 20, 2006 11:52 IST