Date:01/04/2005 URL: http://www.thehindubusinessline.com/2005/04/01/stories/2005040102980100.htm

Back Markets end fiscal on buoyant note, Sensex up 111 points

Our Bureau

Mumbai , March 31

STOCK markets bounced back with a 111-point gain on the Sensex and ended the financial year on a happy note.

Bullishness in the global markets gave a boost to the bourses, with the indices opening strongly and staying in the green throughout the day.

On a day of trading that looked like nothing could go wrong, technology stocks provided the biggest support to the rally. Overall, the Sensex appreciated by 1.75 per cent to close at 6492.82, up by 111.42-points from Wednesday's close. The Nifty gained 2.10 per cent and ended at 2,035.65, almost 42 points ahead of its previous close.

The technology stocks' index, BSETECk, posted a 3.42 per cent gain and closed at 1,732. Analysts expect the large technology companies to announce good results for the quarter.

Rampant value buying in scrips such as Patni Computers, Wipro, Tata Teleservices and Infosys buoyed the markets. At BSE, Patni Computers gained 8.14 per cent to close at Rs 394.40, while Tata Teleservices closed at Rs 25.45, gaining 6.04 per cent and Wipro closed at Rs 671.10, up by 6.49 per cent.

Domestic mutual funds were the big buyers of the day, according to market participants.

Fund managers have been looking for buying opportunity all month, following massive collections from initial public offers of new equity schemes. Many operators also covered up short positions.

Participation of foreign institutional investors continues to be uninspired.

On Wednesday, FIIs were net buyers in equity to the tune of only Rs 9.4 crore, according to data from the Securities and Exchange Board of India.