The Hindu : Shares stage rally on BSE

Online edition of India's National Newspaper
Thursday, Jan 02, 2003

Business

Business

Shares stage rally on BSE

MUMBAI JAN. 1. Led by oil major HPCL, share prices rallied on the Bombay Stock Exchange today at the start of the New Year on fresh buying, pushing the Sensex up by 12.84 points to end at 3390.12, on news that the controversial privatisation of oil majors might be solved later this week.

Barring a few software scrips that reacted on mild profit selling, majority of others attracted good buying support from speculators and notched up gains.

A moderate rally in other index-based scrips such as Bajaj Auto, Dr. Reddy, HCL Technologies, Infosys Technologies, MTNL, Nestle, SBI, Ranbaxy, Satyam Computer and Telco also partly contributed to the Sensex gains.

A late report that the Attorney General's response on the controversial privatisation of oil PSEs — HPCL and BPCL — is likely to be known later this week when the Government's chief law officer is expected to strike a balance between two contrasting view points, rekindled investor confidence in major PSE stocks, a dealer said.

The BSE-30 share sensitive index opened better at 3383.85 and moved in a narrow range of 3396.80 and 3381.07 before concluding at 3390.12 against yesterday's close of 3377.28.

PTI

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