The Hindu : Sensex extends gains

Online edition of India's National Newspaper
Saturday, May 17, 2003

Business

Business

Sensex extends gains

MUMBAI MAY 16. Led by Public sector enterprise stocks, equities rallied smartly extending the Sensex's gains to fourth session in a row on the Bombay Stock Exchange here today on heavy buying by speculators and consistent purchases by domestic and foreign funds.

Several bank shares, excepting index-based ones, suffered a sharp setback on profit booking at higher levels.

The BSE benchmark 30-share index opened up at 3019.48 and gradually moved upwards to the intra-day high at 3059.42 before ending at 3056.58 against 3012.97, netting a rise of 43.61 points or 1.45 per cent. The broad-based BSE-100 index also increased up by 23.84 points to 1551.74.

Terming the correction in select bank stocks to profit booking, brokers said investors were still bullish on banking sector which was neglected for quite a long time, for the fact that banks would have a positive impact from structural changes and securitisation bill in the near future. Bulls have turned active and were believed to be enlarging commitments in a number of counters including stocks of PSE and cement sectors.

Foreign institutional investors, who reportedly picked up five lakh shares of RIL, made selective purchases by changing their portfolios.BHEL, HPCL, Grasim, GACL, Infosys Technologies, ITC, L&T, Zee Telefilms, SBI and Satyam Computer finished with sharp gains. — PTI

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