Sensex further up 60 points

MUMBAI, JUNE 6. Software bellwether, Satyam Computer and new economy shares rallied further in volatile trading on the Bombay Stock Exchange (BSE) today on hectic buying by foreign as well as local funds and shortcovering by operators.

Monday's badly battered Satyam Computer reversed the downtrend on renewed buying interest, digesting the news that the company- promoted and Nasdaq-listed Satyam Infoway (Sify) had taken a 25 per cent stake in popular cricket web site cricinfo.com.

But analysts say the acquisition is good and will enhance the company's wealth in the long term. As a result, share prices of Satyam shot up and hit the 12 per cent upper price band.

Reflecting the two-way trend, the BSE-30 share sensitive index opened slightly better at 4555.18 and moved irregularly in a range of 4605.46 and 4488.23 before closing at 4591.68 as against yesterday's close of 4531.53, netting a gain of 60.15 points. The BSE-100 index also firmed up further by 45.46 points to 2269.32.

Foreign institutional investors (FIIs) reportedly picked up shares of Satyam Computer, Wipro, Himachal Futuristic, Pentamedia Graphic, Zee Telefilms and a few others.

Old-economy shares displayed a weak trend on sustained profit- selling by institutional investors. Operators were busy squaring up their positions on the last day of the current settlement on the National Stock Exchange leading to a two-way movement in equity values, a dealer said.

Out of 76 gainers from the specified group, Pentamedia, Satyam, Wipro and Bausch & Lomb closed at the end of 12 per cent upper price band and 57 declined while six held steady.

The BSE-200 index and the Dollex were quoted moderately up at 489.35 and 182.38 as against overnight close of 480.97 and 179.30 respectively. The BSE-500 index rose by 25.65 points to 1484.69.

- PTI

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