New and old stocks score gains

MUMBAI, DEC. 5. Select old as well as new economy counters notched handsome gains, lifting the Sensex by over 35 points on the Bombay Stock Exchange today following fresh buying by foreign institutional investors coupled with speculative support from operators.

At close, the BSE sensitive index was up by 35.49 points at 4071.98 against yesterday's close of 4036.49.

A moderate rise in index was attributed mainly to smart upsurge in heavyweights such as ITC, Reliance, Zee Telefilms and Satyam Computer.

The market seemed to have totally ignored the persistent fall in the Nasdaq composite index as the Indian software majors were still making good profits year-on-year basis than the us software firms, dealers said.

Buying by speculators in line with the short coverings on the last day of current settlement on the National Stock Exchange also partly boosted sentiment.

Meanwhile, the Sensex opened on a firm note at 4061.90 and swayed in a narrow range of 4982.44 and 4048.85. The BSE-100 index rose by 30.63 points to 2130.25 from 2099.62 indicating the rally was broad-based.

FIIs reportedly purchased shares of Silverline, Zee Telefilms and Wipro besides giving support to some cyclicals. Local institutions and funds booked profits in select old economy shares at higher levels.

Majority of the cement scrips were once again in keen demand on expectation of further rise in cement prices.

In the pharma segment, Wockhardt, Sun Pharma and Smithkline Pharma notched handsome gains on some interested buying.

Most Tata companies are in the limelight for the last couple of days on speculative buying.

In the specified group, 96 counters including 17 index based shares registered sharp to moderate gains while 43 others recorded losses.

The BSE-200 index and the Dollex were quoted remarkably up at 456.47 and 162.39 against Monday's close of 449.11 and 159.67 respectively. The BSE-500 index improved by 20.83 points to 1364.78 compared with previous close of 1343.95.

Telecom bellwether, Himachal Futuristic remained the most active share clocking the highest turnover of Rs. 699.90 crores followed by Global Telesystem (Rs. 589.82 crores), Infosys

- PTI

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