The Hindu : Sensex extends gains

Online edition of India's National Newspaper
Tuesday, Nov 18, 2003

Business

Business

Sensex extends gains

MUMBAI NOV. 17. The Sensex extended its gains to second consecutive session aided by selective stocks rally in an otherwise restricted activity on the Stock Exchange, Mumbai, here today on fresh buying support from investors. The BSE benchmark 30-share index opened marginally lower at 4907.02 and later fluctuated in a range between 4959.96 and 4882.97 before ending at 4940.23 against last Saturday's close of 4911.76, a net rise of 28.47 points. The broad-based BSE-100 index improved further by 18.62 points to 2551.09.

The market witnessed stock-specific activity as foreign institutional investors were confined to selective purchases with their focus on select old economy blue chips.

Operators were believed to have made fresh commitments in a few key stocks even as a slow down by the principal driving force FIIs who have held huge outstanding positions in the derivatives, induced fears that they might resort to selling before end of the year. The FIIs had relatively slowed down activity during last week, making net investments of Rs. 805 crores in the first four sessions as compared to Rs. 1,506 crores in the same period of the preceding week.

HPCL were in the limelight having attracted brisk activity after the Supreme Court, in-principle, agreed to reconsider its earlier judgement on disinvestments of the oil majors. Meanwhile, brokers ruled out any major impact on the market of the BSE decision to impose revised margins on 96 counters.

PTI

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