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Stock rally gathers steam

Mumbai, Aug. 27: The sensex surpassed the 4200-mark as stocks soared to dizzy heights in volatile activity on the Bombay Stock Exchange (BSE) today, even as the wild price movements pointed towards a sharp correction in near future.

The BSE benchmark 30-share index neared a 30-month high ending with a rise of 53.27 points or 1.28 per cent at 4205.56 against yesterday’s close of 4152.29, after rising to an intra-day high at 4222.39.

The broad-based BSE-100 index also spurted by 41.05 points to 2200.60 from the previous close of 2159.55.

Largely attributing the price rally to unabated flow of investments, brokers said net purchases by foreign institutional investors (FIIs) and domestic mutual funds on Monday, the day market witnessed a crash, helped restore investors' confidence.

The market even witnessed an increased participation by retail investors who had turned cautious earlier.

The wild movements in the stocks which had been on a roll for quite some time, pointed towards a sharp correction shortly, market watchers said. “A healthy correction is not ruled out once the derivatives settlement was through on Thursday,” they added.

FIIs had made net investments of Rs 72 crore and local funds pumped in Rs 33 crore on Monday, when bomb blasts rocked Mumbai.

PSU, bank and pharma stocks were in the limelight having scored impressive gains on hectic buying support.

In the specified group, 131, including 20 index-based counters, registered sharp to moderate gains, while 63 others closed with losses.

Among other indices, the BSE-200 index and the Dollex-200 were quoted sharply up at 545.34 and 198.07 at close compared with previous close of 535.39 and 194.32, respectively. The BSE-500 index shot up further by 30.90 points to 1666.82 from yesterday's close of 1635.92 and the Dollex-30 finished higher at 753.22 from 743.19 previously.

The volume of business increased sharply to Rs 2085.02 crore from Rs 1843.18 crore yesterday. State Bank of India was the most active scrip with a turnover of Rs 167.27 crore followed by SAIL (Rs 148.46 crore), Satyam Computer (Rs 107.76 crore), Infosys Technologies (Rs 101.95 crore) and Tisco (Rs 89.23 crore).

Bhel spurted by 14.15 to 352.20, HPCL by 9.85 to 397.35, IBP by 25.05 to 599.10, ONGC by 29.50 to 609.55 and BPCL by 4.10 to 313.70.

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