Heavyweights lift Sensex by 62 points

MUMBAI, JUNE 28. Equities overcame early resistance and select heavyweights even rallied smartly lifting the Sensex by about 62 points in restricted activity on the Bombay Stock Exchange today following selective buying by domestic financial institutions and mutual funds.

Initially, the market was under pressure with majority of key scrips showing losses due to offerings by speculators and lack of FII activity as a result of negative trend in the high-technology stocks on New York stock markets on Tuesday.

The BSE sensitive index opened moderately down at 4660.28 and later dipped further to the day's low of 4642.56.

Later, it recovered its losses and even moved upwards to close at 4748.80 against yesterday's close of 4686.91, showing a net rise of 61.89 points.

The BSE-100 index also advanced by 25.53 points to 2392.95 from 2367.42.

While foreign institutional investors preferred to keep away from making any transactions ahead of U.S. central bank meeting on interest rates hike late evening, domestic funds were net buyers in shares of public sector enterprises such as MTNL, BHEL and select infotech stocks.

Majority of shares including heavyweights such as Hindustan Lever, ITC, MTNL, BHEL, Satyam Computer and NIIT that aided Sensex to make a turnaround, attracted buying interest at the fag end.

Shares of Bank of Baroda were in the forefront scoring impressive rise of 6.82 per cent on announcement of excellent performance for 1999-2000 with its net profit rising by 19.3 per cent.

The BSE-200 and the Dollex were quoted up at 516.35 and 192.45 against 511.68 and 190.71 respectively.

The BSE-500 improved by 13.84 points to 1556.26 from 1542.42.

Satyam Computer clocked the highest turnover of Rs. 379.87 crores of the total volume of business of Rs. 3,003.67 crores.

Other top traded shares were Himachal Futuristic (Rs. 370.76 crores), Zee Telefilms (Rs. 253.19 crores), Global Telesystems (Rs. 240.83 crores) and Silverline (Rs. 201.02 crores).

- PTI

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Section  : Business
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