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This is an archive article published on April 16, 1998

Exim policy spurs bull rally

MUMBAI, APRIL 15: Pivotals turned bullish on the Bombay Stock Exchange (BSE) today lifting the Sensex by over 106 points. All-round speculat...

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MUMBAI, APRIL 15: Pivotals turned bullish on the Bombay Stock Exchange (BSE) today lifting the Sensex by over 106 points. All-round speculative activity coupled with renewed buying by foreign institutional investors (FIIs), positive reactions to the Exim policy, and the YTM slash, saw the BSE-30 index breach the 4,200 mark to touch an intra-day’s high of 4,213.07 points.

However, profit booking towards the last phase of the session at the index based counters saw the index stabilise an inch below the psychological barrier at 4,192.50.

The first day of the trading cycle saw the Nifty index surge by over 46.85 points to close above the crucial barrier of 1,200 at 1,206.30 points. The BSE-100 index spurted by 49.37 points to 1844.54 from previous close of 1795.17.

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Rumours of Japanese funds taking an exposure on the Indian markets saw the sentiment turn upbeat. FIIs made good purchases in shares like Bajaj Auto, BHEL, ICICI, IFCI, Tata Chemicals and others. Domestic institutions, however, pressed sales inblue chip scrips such as ICICI, Hindustan Lever and MTNL. Several B group shares attracted fresh investments by local operators.

On the NSE, pivotals firmed up moderately today on hectic buying support from financial institutions which witnessed a market improvement. The total turnover stood at Rs 1,474.56 crore. The NSE-50 index increased by 46.85 points to 1206.30 as against its previous close of 1159.45. The Midcap index also zoomed up by 99.15 points to 1630.20 as compared to the previous day’s close of 1531.05. About 724 securities hit their price bands.

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