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Wednesday, Oct 30, 2002

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Stocks rise on buying spree

Our Bureau

MUMBAI, Oct. 29

THE six-day continuous fall in the stock prices was stalled today on bargain-hunting by investors. The reduction in bank rate by the RBI also aided the positive sentiment in the market.

In addition, the rise in key index stocks was also attributed to the expiry of stock futures contracts on the coming Thursday. Some of the index stocks like Satyam Computers, Reliance Industries and Infosys have stock futures.

Dealers said the market bounced back smartly on renewed buying in new as well as old economy stocks. The rise in the stock market was led by index heavyweights like Reliance Industries and Hindustan Lever.

The BSE Sensex opened sharply, higher by around 30 points in the morning, and gained further as the day progressed. At the day's close, Sensex ended with a gain of 50.82 points at 2885.23. On the NSE, the S & P CNX Nifty Index gained 14.21 points to end at 936.90.

Buying was also seen in select PSU stocks on hopes of a revival in the Government's disinvestment programme. Technology stocks also attracted some buying interest along with other sectors like cement and pharma.

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