LIC spotted buying shares - dealers
Life Insurance Corporation was spotted buying shares on Wednesday, two dealers who handle trades on behalf of India's largest state-run insurer told Reuters.
August 28, 2013 / 19:47 IST
Life Insurance Corporation was spotted buying shares on Wednesday, two dealers who handle trades on behalf of India's largest state-run insurer told Reuters.
The buying allowed India's main indexes to cut losses, with the Nifty down 2 percent after earlier falling as much as 3.2 percent.Also read: Rupee at 68: Sorry Chidu, you are as responsible as Pranab"LIC started buying Indian shares when Nifty fell over 2.5 percent, thereby bringing some support at lower levels" said one of the sources, who is an institutional sales trader at a domestic brokerage house.Both sources declined to be identified as they were not authorised to discuss the trades. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
