The Hindu : Business : Sensex extends gains

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Friday, Apr 04, 2008
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Sensex extends gains

MUMBAI: The Bombay Stock Exchange remained positive with the Sensex ending higher by nearly 82 points.

The Bombay Stock Exchange 30-share index settled at 15832.55 on Thursday, a net rise of 82.15 points over the previous close of 15,750.40 on Wednesday.

The key index breached 16,000 mark to touch the intra-day high of 16002.73 at mid-session but pared the gains to end lower.

The broader 50-share S&P CNX Nifty of the National Stock Exchange also advanced by 17.40 points or 0.37 per cent to close at 4771.60 from its last close of 4754.20.

Investors looked cautious due to an anticipated negative impact on the companies’ fourth quarter earnings from their forex derivative transactions last fiscal after the new accounting norm were introduced, market players said. They said the market drew support from firm Asian cues but increased possibility of a recession in U.S. amid continued credit crisis remained a cause of concern for the market. The market was constantly under pressure because of reports that IMF has hinted a downward revision of its January growth forecast for the U.S. while the Federal Reserve publicly said for the first time on Wednesday that a US recession is possible.

Indian bourses, however, underperformed their Asian counterparts.

Asian indices ended up 1.0 to 3.0 per cent. Sensex shares such as Reliance Industries spurted by 2.14 per cent, Wipro by 5.04 per cent, Infosys Tech by 2.68 per cent, Satyam Comput by 5.11 per cent, TCS by 4.13 per cent and Hind Unilever by 3.20 per cent.

BHEL continued its slide for fourth consecutive day with a 5.27 per cent. The market breadth turned negative as the mid-cap and the small-cap segments showed widespread losses. — PTI

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