The Hindu : RIL, ITC lead rally in Sensex

Online edition of India's National Newspaper
Thursday, Dec 11, 2003

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RIL, ITC lead rally in Sensex

MUMBAI DEC. 10. Led by Reliance Industries (RIL) and ITC, select blue chip stocks continued their upward march pushing the sensex up by another 56 points at close on the Bombay Stock Exchange today on fresh buying by institutional investors.

RIL and ITC hogged the limelight on sustained purchases by foreign institutional investors as well as domestic mutual funds, and were responsible for driving the Sensex substantially higher.

The BSE benchmark 30-share index opened moderately higher at 5234.72 and later rallied smartly to the intra-day high of 5300.79 in erratic movements before ending at 5285.54 against yesterday's close of 5229.34, a net rise of 56.20 points or 1.07 per cent. The broad-based BSE-100 index surged by another 28.84 points to 2735.98.

ONGC, Bajaj Auto, Dr. Reddy's Lab, GACL, Grasim, HDFC, L&T, HDFC Bank, ICICI Bank, SBI, Tisco and Zee Telefilms also recorded remarkable gains on hectic buying support during the last 30 minutes.

Though the market has witnessed stocks-specific activity for the past few sessions, it is bullish and expected to gradually move upwards, overcoming small resistance at alternate intervals, brokers said. However, select index-based shares such as BHEL, Bharti Televentures, Cipla, Tata Motors, Satyam Computer and Ranbaxy suffered a marked setback due to profit booking by operators.

PTI

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