The Hindu : Sensex recovers on selective buying

Online edition of India's National Newspaper
Wednesday, Jul 09, 2003

Business

Business

Sensex recovers on selective buying

MUMBAI JULY 8. After a brief two-session pause, the market rallied by 17 points led by new economy stocks in an otherwise mixed trend on the Bombay Stock Exchange on Tuesday on heavy buying by operators as well as selective purchases by foreign funds.

Infosys Technologies, Satyam Computer, HCL Technologies and Zee Telefilms were in the limelight scoring sharp gains on hectic buying prompted by expectations of encouraging working results in the first quarter by Infosys. The company will come out with its Q1 results on Thursday.

Old economy shares such as ITC, L&T, BHEL, BSES, Cipla, Dr. Reddy's Lab, Hindalco and Nestle recorded marked gains.

Reflecting the upsurge, the BSE benchmark 30-share index opened firm at 3628.02 and later fluctuated erratically in a small range between 3645.64 and 3623.02 before ending at 3629.68 against the previous close of 3612.53, netting a rise of 17.15 points. However, the broadbased BSE-100 index eased by 6.79 points to 1840.58.

The rally in IT stocks was partly aided by a sharp upturn in Wall Street. The Dow Jones industrial average ended up 146.59 points and the Nasdaq Composite index 57.79 points yesterday.

In the specified group, 90 including 17 index-based scrips registered gains while 105 others ended with losses. — PTI

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