The Hindu : Sensex recovers marginally

Online edition of India's National Newspaper
Thursday, Jan 08, 2004

Business

Business

Sensex recovers marginally

MUMBAI JAN. 7. After a strong overnight correction, the Sensex ended 13 points higher even as the market remained choppy for the second successive session on the Bombay Stock Exchange today on alternate bouts of buying and selling.

Bull operators who have built up large positions in the past few sessions attributed the volatility ahead of announcements of third quarter results by blue chip companies in the next two to three weeks, to cautious approach.

The BSE benchmark 30-share index opened on a promising note at 5970.35 and later fluctuated erratically between 5985.30 and 5870.55 before ending at 5957.02 against yesterday's close of 5943.64, a net gain of 13.38 points. The broad-based BSE-100 index edged up by 4.85 points to 3192.31.

Domestic financial institutions led by UTI coupled with some private banks were continued sellers in a number of blue chip stocks.

However, foreign institutional investors, who were believed to have slowed down their activity since January 6, reportedly made selective purchases during the session.

Key shares such as BHEL, Grasim, L&T, RIL, Tata Power and Tisco scored hefty rises on heavy buying support, while Bajaj Auto, Dr. Reddy's Lab, Bharti Televenture, HDFC, HLL, ICICI Bank, MTNL and Tata Motors lost substantial ground on fresh selling pressure.

The market is expected to undergo correction in continued volatility before quarterly corporate results are announced during the month. — PTI

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