Financial Daily from THE HINDU group of publications
Friday, Mar 21, 2003
Financial Daily from THE HINDU group of publications Friday, Mar 21, 2003 |
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Stock Markets Markets - Stock Markets Sensex gains 71 points Our Bureau
MUMBAI, March 20 THE bombing of Baghdad sent stock prices sharply upwards today, rallying the other financial markets as well. Panic demand for the dollar from corporates and banks sent the rupee on a nosedive, losing 12 paise against the dollar from its opening levels. However, it recovered later to close at 47.75 with dollar supplies coming in, and intervention by the central bank. There was across-the-board buying in all the stocks with both the domestic and foreign institutional investors turning aggressive buyers. Brokers said the sharp rise in the stock prices was due to several hedge funds entering the market through FIIs. The stock market opened firm in the morning and as the day progressed the buying also increased. At close, the BSE Sensex gained 71.75 points to close at 3,192.93. The S&P CNX Nifty closed at 1,025.25, rising 21.35 points. Increased buying was also seen from the advance-decline ratio. On BSE, the price of 834 shares increased while that of 587 declined with the price of 149 scrips remaining unchanged. The sentiment of the market was also boosted by the rise in other Asian markets. Dealers said the future course of the market would depend on the developments on the war front. Some players feel this is the time to book profits, with the Sensex having surged by 108 points in two sessions.
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