The Hindu : Stocks extend rally

Online edition of India's National Newspaper
Saturday, Jun 28, 2003

Business

Business

Stocks extend rally

MUMBAI JUNE 27. Equities extended their rally to the third straight session, aiding the Sensex to end 31 points up in brisk activity on the Bombay Stock Exchange here on Friday on sustained buying support from operators coupled with increased investments by foreign funds.

Enthused by consistent and heavy net investments by foreign institutional investors (FIIs) over the last couple of months, bulls continued to make commitments in blue-chip stocks with encouraging developments on political as well as economic fronts.

The bullish mood was partly attributed to encouraging performance by major corporates. Majority of companies that have announced results during the last three months, have shown remarkable growth over last year.

FIIs, which reportedly made heavy net purchases in Telco, Tisco and GACL during the trading, seemed to have shifted their focus to select key stocks for the past couple sessions.

The BSE 30-share index opened remarkably up at 3577.96 and later fluctuated in a range between 3589.54 and 3532.52 before ending at 3583.06 against the previous close of 3552.40, netting a rise of 30.66 points.

The BSE-100 Index rose by 15.45 points to 1810.34.

Domestic funds, however, were believed to have booked profits in select index-based stocks like Hindustan Lever, Bajaj Auto, HDFC, ITC and Zee Telefilms that finished with marked losses. Had it not been for a setback in these heavyweight counters, the Sensex would have crossed 3600-mark at close, brokers said.

In the specified group, 122 including 23 index-based counters registered sharp to moderate gains while 75 others closed with losses.

The volume of business was relatively high at Rs. 1,525.87 crores against Rs. 1,442.03 crores.

HPCL was the top traded scrip with the highest turnover of Rs. 113.53 crores followed by Infosys Rs. 72.61 crores and Reliance Rs. 64.70 crores. — PTI

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