Monday, November 29, 1999

Sensex rises 154 pts despite rumours

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The bull run on the Bombay Stock Exchange continued for the seventh day today as the market extended its gains for the consecutive session despite rumours of a lawsuit against ICICI Bank in the afternoon. After the period between August 20, 2009 and August 28, 2009, this is the first time the Sensex has gained for seven straight days in a row. The benchmark Sensex closed at 17,616.69, up by 153.82 points on heavy buying at the RIL, L&T and RCom counters.In the afternoon, the Sensex took a hit and touched a low of 17,394.90 on rumours that a US brokerage firm has filed a $1 billion lawsuit against ICICI Bank. Taking notice of that, ICICI Bank approached the investigating authorities and regulator Sebi for intervention and action against those behind it. The rumour saw ICICI Bank share prices fall by about five per cent to Rs 846.95 in intra-day trading on the Bombay Stock Exchange, but the scrip bounced back to close 6.45 per cent up at Rs 884.05.The Bombay Stock Exchange's 30-share barometer, which was inching upwards during the first half of the session, spurted after European stocks edged higher and closed at 17,616.69, up 153.82 points, or 0.88 per cent.

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