Equities bounce back

MUMBAI, OCT. 7. Discounting concerns over soaring oil prices, the market bounced back and the Sensex ended up 60 points in somewhat erratic movements on the back of sustained foreign institutional investment inflows coupled with expectations of excellent quarterly working results.

The BSE benchmark 30-share index opened moderately better at 5718.64 and gradually moved upwards to the intra-day high of 5793.08 before ending the day at 5773.66 against yesterday's close of 5713.75, a net rise of 59.91 points or 1.05 per cent.

Foreign institutional investors, who have been consistent net buyers for the past couple of weeks, reported net investments of Rs. 656 crores in the first two days of the week, encouraging operators and retail investors to enlarge commitments in a number of blue chip and mid-cap counters.

Domestic mutual funds were believed to be booking profits in select key stocks including BHEL, Grasim, Hindlaco, HPCL, ICICI Bank, HDFC Bank, ITC, L&T, REL, RIL, Zee Telefilms and SBI, pulling them from the day's high. The market has completely discounted concerns over rising crude oil prices in international markets.