The Hindu : Cyclicals aid Sensex to gain 24 points

Online edition of India's National Newspaper
Friday, Jun 20, 2003

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Cyclicals aid Sensex to gain 24 points

MUMBAI JUNE 19. Select old economy counters firmed up further, aiding the Sensex to gain another 24 points at close on the Bombay Stock Exchange here today on fresh buying support from operators and foreign funds. Operators were strongly bullish on the back of increased purchases by foreign institutional investors, who have made net investments of Rs. 405 crores in the first two sessions of the week.

Starting on a weak note at 3429, the BSE benchmark 30-share index later recovered smartly and gradually moved upwards to the intra-day high of 3467.26 before ending at 3454.60 against yesterday's close of 3430.96, netting a rise of 23.64 points. The broad-based BSE-100 index strengthened further by 12.31 points to 1770.81.

Operators were believed to have made heavy commitments in some key heavyweight counters such as RIL, SBI, Tisco, BSES, Grasim, Hindalco, LIC Housing Finance, HDFC and Nestle. The FIIs too made good purchases in several blue-chip stocks, mainly RIL and SBI.

However, IT counters met with moderate resistance as investors booked profits in prominent technology shares. Infosys Technologies, Wipro, HCL Technologies and a few second-line shares showed moderate falls. SBI attracted heavy buy orders during the last 30 minutes on the bank's excellent performance in the fourth quarter. As a result, SBI clocked the highest turnover of the day.

In the specified group, 98 counters registered sharp to moderate gains.

PTI

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