The Hindu : Sensex extends gains

Online edition of India's National Newspaper
Friday, Dec 12, 2003

Business

Business

Sensex extends gains

MUMBAI DEC. 11. Select bank and oil PSU counters scored impressive gains aiding the Sensex to extend its gains to third session in a row in volatile activity on the Bombay Stock Exchange here today on fresh purchases by foreign funds.

The market was extremely volatile during the last 30 minutes as a result of heavy sell-off by the Unit Trust of India (UTI), which was believed to have booked profits in a number of key old economy stocks. Domestic mutual funds too have turned sellers at the prevailing higher levels.

The BSE benchmark 30-share index opened on a firm note at 5306.62 and later fluctuated erratically in a range between 5317.41 and 5253.81 before ending at 5299.96 against the previous close of 5285.54, a net gain of 14.42 points.

The BSE barometer dropped sharply from the day's high to the intra-day low at the fag end and eventually recovered to close near the 5300-mark.

The market could end in the positive territory despite losers outnumbered gainers by 19 to 11. HDFC, HDFC Bank, Hindalco, HPCL, ICICI Bank, L&T, ONGC, SBI and Wipro recorded sharp gains on fairly good purchases by FIIs who were consistent net buyers in select counters. However, RIL, ACC, BHEL, Cipla, Dr. Reddy's, Grasim, HLL, ITC, Tata Motors, Tisco and Zee showed marked falls due to selling pressure. The BSE-100 index strengthened further by 17.93 points to 2753.91.

PTI

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