Sensex ends higher after initial loss | Latest News India - Hindustan Times
close_game
close_game

Sensex ends higher after initial loss

None | ByPress Trust of India, Mumbai
Apr 28, 2006 06:39 PM IST

The recovery was credited to constant buying support after midsession by FIIs and Indian financial institutions.

The stock market benchmark Sensex recovered from a 490-point crash on Friday and ended 17 points up at 11,851.93, shrugging off the initial panic following market regulator Sebi's ban on key depository participants.

HT Image
HT Image

The market witnessed a intra-day swing of 532.71 points, the biggest since May 17, 2004.

Now catch your favourite game on Crickit. Anytime Anywhere. Find out how

The recovery was credited to constant buying support after midsession by Foreign Institutional Investors (FIIs) and Indian financial institutions.

Crumpling to the day's low of 11,344.61, the Bombay Stock Exchange (BSE) Benchmark 30-share Index later staged a sharp recovery and even jumped to the intra-day high of 11,877.32 before ending the day at 11,851.93 from Thursday's close of 11.835.02, a net gain of 16.91 points or 0.14 per cent.

FIIs and mutual funds salvaged the situation by making aggressive purchases in blue chip counters, particularly key stocks RIL, TCS Ltd, NTPC, HLL, ACC, Maruti Udyog, ICICI Bank and Bharti Tele, which even ended with handsome gains.

Initially, investors were jittery over the Securities and Exchange Board of India's (Sebi) overnight move to bar 24 key operators, including Indiabulls and Karvy Stock Broking, from operating in the stock markets and banned 12 depository participants from opening fresh accounts.

The crucial institutional purchases, however, provided the moral support to retail traders and operators.

Meanwhile, the Sebi deferred its order banning Indiabulls Securities subject to verification of clients.

Investors termed initial mayhem as a knee-jerk reaction from market players.

Get World Cup ready with Crickit! From live scores to match stats, catch all the action here. Explore now!

See more

Get Current Updates on India News, Budget 2024, Arunachal CM Oath Ceremony Live, Weather Today along with Latest News and Top Headlines from India and around the world.

SHARE THIS ARTICLE ON
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Monday, June 17, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On