The Hindu : Insys, Satyam aid Sensex recovery

Online edition of India's National Newspaper
Thursday, Apr 11, 2002

Business

Business

Insys, Satyam aid Sensex recovery

MUMBAI APRIL 10. IT bellwether Infosys Technologies injected some life in the depressed market and aided the Sensex to close in the positive territory on the Bombay Stock Exchange today on fairly heavy purchases by foreign institutional investors in software sector.

Enthused by the decision by Infosys to raise FII limit from 49 per cent to 100 per cent, FIIs who had slowed down their activity on Indian bourses for the past several days, made sizable purchases in select frontline as well as second-rung IT stocks.

The company's announcement that it had met its 30 per cent revenue target for the fiscal ended March 31, 2002 projecting a `challenging' outlook for the next year, also attracted renewed buying from speculators and investors. However, the upsurge in Sensex was mitigated by a sharp setback in a few heavyweighted old economy stocks such as BHEL, L&T, RIL, Ranbanxy and some others which encountered pressure from domestic operators.

The BSE benchmark 30-share index that opened moderately up at 3465.39, later fluctuated in a narrow range between 3494.19 and 3460.03 reflecting a mixed trend and ended at 3479.59 against 3463.33, a net gain of 16.26 points. The broad-based BSE-100 index recovered by 14.01 points to 1739.36 from 1725.35.

The BSE-200 and the Dollex-200 were quoted up at 406.53 and 138.41 against 404.76 and 137.70 respectively.The BSE-500 also improved by 6.22 points to 1206.25 from 1220.03. The Dollex-30 moved up to 584.20 from 581.

The volume of business spurted to Rs. 1,766.61 crores from Rs. 1,206.98 crores.

— PTI

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