The Hindu : Sensex up 34 points on sustained buying

Online edition of India's National Newspaper
Friday, May 30, 2003

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Sensex up 34 points on sustained buying

MUMBAI MAY 29. The Sensex gained by another 33.79 points to close at 3164.25 on the Bombay Stock Exchange on Thursday, supported largely by a sharp rally in old economy heavyweights, including select bank and PSE shares, following sustained buying by foreign funds and retail investors.

Cyclical shares such as Reliance, State Bank of India, Telco, Tisco, Hindustan Lever, L&T, HDFC, Grasim, ACC and Bajaj Auto attracted fairly good demand and ended with good gains, brokers said.

The banking segment displayed a mixed bag on alternate bouts of buying and selling. Hedge funds looked for bargains in select bank shares while operators and local funds booked profits. Stocks of public sector enterprises (PSEs), particularly oil and gas, continued to be in keen demand following purchases from institutional investors and operators.

Though the BSE-30 share sensitive index opened lower at 3116.85 against yesterday's close of 3130.46, buying in key counters lifted it to a high of 3171.80 before concluding at 3164.25, a net rise of 33.79 points or 1.08 per cent. The BSE-100 index also improved by 15.77 points to 1614.29. — PTI

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