The Hindu : Sensex gains 77 points on FII buying

Online edition of India's National Newspaper
Friday, Jan 02, 2004

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Business

Sensex gains 77 points on FII buying

MUMBAI JAN. 1. Hectic buying by foreign funds helped share prices start the new year with sharp gains on the Bombay Stock Exchange today, aiding the Sensex to close above the 5900-mark at 5915.47, up by 76.51 points, just near the all time high of 5933.56 registered on February 11, 2000.

Right from the onset of business, there was a scramble to grab shares from all segments following the news that the gross domestic product (GDP) grew by 8.4 per cent in the second quarter from 5.7 per cent posted in the first quarter of the current fiscal, dealers said.

Frenzied buying by foreign institutional investors, who picked up shares worth Rs. 710 crores on the first two days of the week, reportedly gave support to most of the index-based counters and forced operators to follow suit. Local funds also purchased shares worth Rs. 319 crores during the same period and were said to be active today. Enthused by heavy FII buying, retail investors also stepped in and made good purchases.

The BSE-30 share sensitive index opened firm at 5872.48 against yesterday's close of 5838.96 and remained in the positive terrain throughout the day, lodging a high of 5936.41. Finally, it ended at 5915.47, a rise of 1.31 per cent and was the third highest closing in the history of the bourse.

Fast moving consumer goods (FMCG) giant and among the top heavyweights, HLL, notched sharp gains. .

PTI

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