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Stocks bounce back from early lows

MUMBAI JULY 16. Equities overcame initial resistance and later rallied sharply lifting the Sensex past the 3700-mark to end 35 points higher in brisk activity on the Bombay Stock Exchange today on heavy buying by speculators as well as fresh purchases by foreign and domestic funds.

The BSE benchmark 30-share index that had fallen sharply to the intra-day low at 3662.70, later bounced back and surged to a strong finish at 3721.65 against yesterday's close of 3686.34, netting a rise of 35.31 points.

Foreign institutional investors who had slowed down their activity for a brief period last weekend, were believed to have stepped up their investments once again making net purchases in a number of blue chip counters. In the Specified Group, 151 including 25 index-based counters registered sharp to moderate gains while 46 others closed with losses.

PTI

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