Our Bureau

Mumbai, July 15

THE bulls were back in business at the bourses on Friday, with frenzied short covering in the last hour helping the indices surge over 1 per cent.

On a day when it largely stayed in the green, the Sensex gained 83.84 points to close at 7,271.54, after touching an intra-day high of 7,283.04. The Nifty recorded gains of 27.45 points and ended the week at 2,212.55.

With the market ending trade in the red for the last two sessions, analysts were predicting a strong opening as investors were expected to hunt for good bargains in stocks that lost some sheen on Wednesday and Thursday. Foreign institutional investors continued to bring in liquidity to the bourses.

Among the index stocks, Reliance Industries Ltd (RIL) and Infosys Technologies led the rally. RIL ended trade with a 3.82-per cent gain at Rs 666.60, up Rs 24.50 from Thursday's close. Infosys Technologies added Rs 61.65 to its share price and closed at Rs 2195.40, netting a gain of 2.89 per cent.

The rest of the technology pack also rallied, after the sell-off prompted by Infosys' results announcements.

TCS and Wipro gained 1.93 per cent and 1.13 per cent, respectively.

Mid-cap counters, which were sluggish earlier in the week, saw renewed interest.

The market breadth on Friday was positive.

The BSE reported that 1720 stocks were advancing, against 804 declining.

(This article was published in the Business Line print edition dated July 16, 2005)
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