The Hindu : Sensex scales 31-month peak

Online edition of India's National Newspaper
Tuesday, Sep 09, 2003

Business

Business

Sensex scales 31-month peak

MUMBAI SEPT. 8. The benchmark breached the key 4400-mark resistance levels and scaled a 31-month peak at the Stock Exchange today with a sharp rise of 65.08 points to close at 4434.25, spurred by all-round buying by foreign funds and retail operators.

Equities continued to be on the roll, led by pharma counters, which spread to the other shares, as bulls took a vice-like grip of the market, dealers said.

Extending gains for the third straight session, the bullish trend appears to have gained momentum, portraying a positive outlook for the near to medium term, they added. Pharma shares were the star performers, including second-line, that attracted heavy buying from institutional investors, resulting in the BSE-HC (Health Care) index flaring up by 88.37 points or 4.54 per cent to close near its 3-1/2 year high at 2036.81 as against last Friday's close of 1948.44.

Top heavyweight, Reliance, was also in keen demand and aided the Sensex riseOther index-based shares that finished with sharp gains were ITC, Grasim, SBI, Telco, GACL, L&T, HPCL, HCL Techno, Infosys Tech and Satyam Computer.

The BSE-30 share sensitive index opened distinctly firm 4399.61 as against last Friday's close of 4369.17 and rallied further to a high of 4444.62 before concluding at 4434.25, a steep rise of 1.49 per cent. The broad-based BSE-100 index also shot up by 32.91 points to 2329.69 from previous close of 2296.78.

In the specified group, 134 including 21 index-based scrips registered gains while 60 others ended with losses.

The BSE-200 index and the Dollex-200 were quoted sharply higher at 578.27 and 209.98 at close compared with last Friday's close of 569.38 and 206.35 respectively.

The BSE-500 index also rose by 26.18 points to 1759.38 from 1733.20 and the Dollex-30 moved up to 794.01 from 780.82 previously. — PTI

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