Sensex discounts Wall Street slide, moves ahead

MUMBAI JULY 3. Discounting another sharp slide in New York stocks yesterday, select heavyweight counters rallied smartly pushing the Sensex up by 25 points at close on the Bombay Stock Exchange today on fresh purchases by foreign institutional investors and speculators.

The BSE benchmark 30-share index opened marginally down at 3283.03 and later fluctuated in a narrow range between 3314.23 and 3279.83 before ending at 3310.19 against 3285.04, netting a gain of 25.15 points. The broad-based BSE-100 index edged up by 4.46 points to 1672.41 from 1667.95.

Infosys Technologies, that has high weightage in the index and had been under pressure in the past few sessions, were in keen demand from FIIs who also were believed to be net buyers in some second-line software stocks such as Digital Global, SSI, Polaris Software and Tata Elxsi.

The FIIs have turned active making net investments of Rs. 258 crores consistently since June 25 despite Wall Street's six-week-long losing streak. Persistent worries about corporate accounting scandals sent New York stocks sharply lower yesterday marking another five-year low for the technology-focussed Nasdaq composite index, which fell by another 46 points after dropping by 4.1 per cent on Monday.The volume of business was relatively up at Rs. 1,226.40 crores (Rs. 1,039.04 crores).


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