The Hindu : Sensex extends gains on MUL's IPO success

Online edition of India's National Newspaper
Saturday, Jun 14, 2003

Business

Business

Sensex extends gains on MUL's IPO success

MUMBAI JUNE 13. Reacting to an overwhelming response to Maruti Udyog's initial public offering (IPO), bluechip stocks rallied smartly aiding the Sensex to extend its gains to the third straight session on the Bombay Stock Exchange here today on fresh buying coupled with sustained purchases by foreign institutional investors. Equities, however, met with a moderate resistance and trimmed their gains as retail investors booked profits at higher levels due to last session of the current week.

The BSE benchmark 30-share index opened moderately higher at 3342.65 and later fluctuated between 3364.02 and 3338.90 before ending at 3354.14 against yesterday's close of 3337.30, netting a rise of 16.84 points. The broad-based BSE-100 index advanced by 9.04 points to 1708.73.

Brokers said speculators enlarged their positions in a number of counters on the back of increasing investments by FIIs, who were believed to have subscribed for majority of the bids for MUL's maiden public offer.

Index-based counters such as HPCL, MTNL, RIL, L&T, Cipla, GACL, HDFC, HCL Technologies, Hero Honda, ICICI Bank and Ranbaxy also scored handsome gains. However, heavyweight counters such as BSES, Hindalco, ITC, Hindalco and Zee Telefilms suffered a marked setback. Britannia attracted fairly heavy interest on the company's decision to buyback a maximum of 25 lakh equity shares from the open market at a price not exceeding Rs. 650 per share. — PTI

Printer friendly page
Send this article to Friends by E-Mail

Business