Friday, Oct 31, 2003
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The market started on a strong note and rallied further on increased buying activity. However, the firm position was shortlived as investors became cautious and started offloading their holdings in view of the end of October contracts and selelct scrips turn weak which reduced the Sensex gains.
Reflecting the trend, the 30-share BSE index opened firm at 4751.83 and soon rallied to cross the 4800 mark and touched a high of 4805.72. Later, it declined sharply to a low of 4735.77 and finally ended at 4780.52, against 4744.10. The BSE-100 index gained by 18.71 points to 2413.87.
Better results by many companies failed to cheer-up the market sentiment as many of them like State Bank, ITC and Hindustan Lever met with resistance and closed weak.
Scrips such as BHEL, GACL, HCL Technologies, BSES, Cipla, Dr. Reddy's Lab, Hero Honda, Hindalco, Infosys Technologies, Reliance and Tisco showed handsome gains, while ACC, Colgate, Larsen & Toubro, ICICI Bank and Satyam Computer also ended higher. On the other hand, Nestle, HPCL, HLL, SBI, Bajaj Auto, Glaxo, HDFC, ITC, MTNL, Ranbaxy and Telco remained subdued on selling pressure.
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