The Hindu : Infosys leads smart recovery

Online edition of India's National Newspaper
Friday, Sep 05, 2003

Business

Business

Infosys leads smart recovery

MUMBAI SEPT. 4. Shares, led by Infosys Technologies, recovered smartly on the Bombay Stock Exchange on Thursday following emergence of heavy buying, mainly from foreign institutional investors, pushing the sensitive index sharply up by 52.57 points to end at 4310.51.

Foreign funds, which were sellers yesterday, turned active buyers today and made good purchases in majority of software shares and in select pharma scrips, dealers said.

The biggest gainer, Infosys shot up by Rs. 403.10 or 10.56 per cent to Rs. 4,219 on heavy FII purchases. Elsewhere, Wipro, Satyam Computer, HCL Technologies, Digital Global, D-Link, SSI Ltd, Visual Soft, Geometric Software, and Infotech Enterprises were other firm IT spots. Dr. Reddy's, HDFC, HPCL, HLL, Ranbaxy, Reliance, Tisco and Zee Tele were the other index-based scrips that recorded gains.

The market generally resumed with fresh gains and prices continued to rise smartly on persistent support, before closing with handsome gains.

The BSE 30-scrip sensitive index opened firm at 4276.40 and after rising to 4328.37 closed at 4310.51, disclosing a gain of 1.23 per cent over yesterday's close of 4257.94. Firm overseas advices also influenced the uptrend as the Dow Jones Industrial Average rose by 45.19 points to 14-month closing high at 9568.46 while the Nasdaq Composite Index advanced by 11.42 points to a new 17-month high at 1852.90, market sources said. In the specified group, 99 scrips including 14 index-based scrips registered gains while 97 others ended with losses.

The volume of business has improved further to Rs. 2,253.28 crores from Rs. 2,075.13 crores. Infosys Technologies were the most active share with a turnover of Rs. 377.87 crores. — PTI

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