Rally fizzles out in late trade; PSU banks slide
Stocks ended volatile session slightly higher extending gains for the second straight day. Strong global cues triggered a solid rally in first half of the day’s trading session. However profit booking at higher levels in second half capped gains. Volatility was high towards later part of the day.
As per provisional data released by BSE after trading hours, foreign funds today, 6 August 2008, bought shares worth a net Rs 1815.74 crore. Domestic funds sold shares worth a net Rs 804.36 crore.
Shares of state-run banks slipped.
The US Federal Reserve at a meeting held after Indian market hours yesterday, 5 August 2008, held key interest rate at 2%. The Federal Open Market Committee said that inflation has been high but insisted that price rises will eventually moderate. Though it expressed concerns about economic growth and inflation, it indicated it is in no rush to push borrowing costs higher.
Sensex rose 112.47 points or 0.75% to 15,073.54 after oscillating in a band of 387.22 points.
Nifty rose 14.70 points or 0.33% to 4,517.55.
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