Sensex unchanged despite tech stocks forging ahead

MUMBAI, AUG. 9. Software and communication counters continued their upward march on the Bombay Stock Exchange today, enthused by sustained buying by foreign institutional investors and good support from operators.

However, the Sensex closed somewhat unchanged at 4317.04 against yesterday's close of 4317.22 as some index-based old-economy shares met with selling pressure.

Earlier, the benchmark resumed on a firm note at 4347.59 and rallied smartly to log a high of 4374.68 on largescale buying in technology sector. But it surrendered early gains to touch a low of 4296.57 on relinquishing part of initial upsurge in select software counters due to end session selling and losses made by index-based heavyweighted shares such as Hindustan Lever, ITC, HPCL, MTNL and Hindalco.

Despite a weak trend on the Nasdaq stock market, infotech shares rallied smartly right from the onset of business on frenzied buying by operators induced by consistent shopping by the FIIs for the last three days.

Infosys Technologies, which changed the bear atmosphere dramatically after last two days of good performance, touched a high of 7800 at intra-day trading but profit-booking erased gains partially and the scrip closed at 7591.05.

The FIIs persistent buying infused some enthusiasm in the market and operators also dared to enlarge their commitments, dealers said.

Telecom bellwether, Himachal Futuristic were the most sought after stock and settled 10.65 per cent higher due to FII buying coupled with a leading bull operator's support. However, select fast moving consumer goods (FMCG) shares such as Hindustan Lever, ITC, Nestle and Cadbury eased further on profit-selling.

Out of the 140 specified shares, 93 gained, 42 recorded losses and 5 held steady.

The BSE-100 index, however, improved further by 4.31 points to 2150.89 from 2146.58. The BSE-200 and the Dollex were quoted up at 460.55 and 168 against 458.95 and 167.13 respectively. The BSE-500 also firmed up by 8.72 points to 1373.57 from 1364.85.

Satyam Computer were the most active share with a turnover of Rs. 793.59 crores out of the total business volume of Rs. 4,518.95 crores. Other top traded scrips were Himachal Futuristic (Rs. 750.13 crores), Infosys (Rs. 480.66 crores), Global Telesystems (Rs. 417.99 crores) and Zee Telefilms (Rs. 368.70 crores).

- PTI

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Section  : Business
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