May 25, 2002	Saturday	Rabi-ul-Awwal 12,1423

MUMBAI, May 24: Share prices rebounded Friday on the Bombay Stock Exchange after seven days of losses, as Prime Minister Atal Behari Vajpayee hinted that war with Pakistan could be averted, dealers said.

The 30-share BSE sensitive index rose 74.98 points or 2.4 per cent to 3,189.03.

Dealers said near-term war fears had slightly eased after Vajpayee’s press conference Thursday where he appeared “non-aggressive”.

“We had said war clouds were hovering, but sometimes lightning strikes even if the weather is clear. We hope that the lightning will not strike,” Vajpayee cryptically said.

KJMC Capital Market Services dealer Chetan Kapoor said: “Vajpayee’s aggressive posture seen Wednesday in an address to army officers was replaced by a “softer and easy” demeanour Thursday.”

He said his statement Thursday had triggered perceptions in the market that war was not an “immediate” possibility.

Dealers said the market was also poised for a rebound on technical factors after seven straight days of losses.

“The BSE index had fallen over 300 points in the last seven days. A technical correction was due which is what is happening,” said HSBC Securities’ dealer Prakash Lala.

Dealers said most of the key blue chips were up in early trade.

Infosys was up 61.95 rupees at 3,715, Satyam Computer rose 7.15 to 217.40, Wipro added 27.15 to 1,560, Ranbaxy was up 37.05 at 802, while Reliance Industries gained 8.95 to 262.70. —AFP