4 Jul, 2008, 1908 hrs IST,Mohammed Sabir, MUMBAI: Equities bounced back on Friday, as investors covered short-positions and bought at lower levels on positive domestic news flow. It was one of those rare days when Dalal Street overlooked proceedings in European market. Fears of political instability and expectation of high inflation had gripped the market this week. However, with indications that the UPA government is not under threat, investors began buying at lower levels as soon as trade began. There were concerns of inflation rising over 12 per cent, but lower than anticipated figures boosted sentiment further as traders covered short positions. Inflation for the week ended June 21 rose to a fresh high of 11.63 per cent on the back of surging food and commodity prices. Though it was higher than for week ended June 14,...
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