The Hindu : Sensex breaches 4700-mark

Online edition of India's National Newspaper
Friday, Oct 10, 2003

Business

Business

Sensex breaches 4700-mark

MUMBAI OCT. 9. Persistent heavy buying by foreign institutional investors (FIIs) and domestic funds helped share prices to rally further sharply on the Bombay Stock Exchange (BSE) on Thursday and the benchmark breached the 4700-psychological barrier. Large scale buying by FIIs and operators was observed right from the beginning of business and intensified later in the day resulting in majority of old-economy heavyweights finishing with smart gains, a dealer said.

Reflecting the market trend, the BSE 30-share sensitive index, after a firm start at 4643.32, shot up further to breach the 4700-level and touched an intra-day high of 4710.28. Later, due to the emergence of mild profit-selling at improved levels, it fell moderately to end at 4698.68, still showing a sharp rally of 63.82 points or 1.38 per cent over yesterday's close of 4634.86.

Majority of cement, auto and metal shares were also in the limelight on good buying. Grasim, GACL, L&T, Telco, Bajaj Auto, LML, Hindalco, Nalco, Indal and few others ended sharply higher, he said. Spurt in the Sensex could be gauged by sharp to moderate rise in 22 out of 30 index-based scrips.The benchmark BSE-100 showed a smart rise of 28.38 points at 2442.35 from the last close of 2413.97.

Shares of United Commercial Bank opened sharply up at Rs. 17.90 on the first day of listing over the issue price of Rs. 12 per share and moved in a range between 20.40 and 17.25 before concluding at 19.50 with a volume of over 2.16 crore shares.

Operators were believed to have turned cautious ahead of announcements of quarterly results in the next few days.

The BSE-200 index and the Dollex-200 were quoted sharply higher at 605.51 and 222.39 at close against 597.89 and 219.79 respectively.

PTI

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