The Hindu : Sensex extends gains

Online edition of India's National Newspaper
Saturday, Mar 22, 2003

Business

Business

Sensex extends gains

MUMBAI MARCH 21. Equities continued their upward march aiding the Sensex to extend its winning streak to third straight session on the Bombay Stock Exchange today on selective buying support from operators and retail investors.

Foreign institutional investors, who seemed to have slowed down their activity, reportedly made small purchases in select key counters.

The BSE barometer has gained over 115 points in the successive three sessions. The BSE benchmark 30-share index opened on a promising note at 3195.66 and later fluctuated in a narrow range between 3209.46 and 3179.79 before ending at 3200.15 against 3192.93, netting a rise of 7.22 points.

The broad-based BSE-100 index improved by 5.73 points to 1578.10 from 1572.37.

Attributing fresh buying, particularly by retailers, to the two-session settlement as a result of a decision by the exchange authorities to keep the market open for trading on Saturday, brokers said the extension of settlement period by a day has provided retail investors an opportunity to push the market higher and take benefit the next day. Operators were believed to have accumulated shares of blue chip counters such as HLL, Infosys Technologies, Satyam Computers, Grasim, SBI, HCL Technologies, Dr. Reddy's Lab, Cipla and ACC. In the specified group, 126 including 17 index-based scrips registered smart to moderate gains while 68 others closed with losses. — PTI

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