The Hindu : Tech stocks suffer setback

Online edition of India's National Newspaper
Thursday, May 22, 2003

Business

Business

Tech stocks suffer setback

MUMBAI MAY 21. Technology shares suffered a sharp setback pushing the Sensex sharply down from the day's high to end in the negative territory on the Bombay Stock Exchange here today on heavy selling pressure from operators as well as foreign institutional investors.

Speculators pressed heavy sales in IT shares after the rupee appreciated to a two-year high at 46.74/75 a dollar during the session, brokers said adding that the appreciating rupee was likely to affect the net earnings of IT majors such as Infosys Technologies, Satyam Computer, Wipro and others.

Reflecting the trend, the BSE benchmark 30-share index opened moderately higher at 3068.12 and later surged to the intra-day high of 3092.38 following an initial stocks rally. However, it reacted sharply during latter part of the session and ended at 3057.09 against yesterday's close of 3062.92, netting a fall of 5.83 points.

The broad-based BSE-100 index edged up by 2.58 points to 1552.75.

Select bank stocks continued to be in the limelight on consistent buying by local funds.

Select PSE and multinational pharma shares too attracted buying interest and ended with marked gains.

PTI

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