The Hindu : PSU stocks hog limelight

Online edition of India's National Newspaper
Saturday, Mar 06, 2004

Business

Business

PSU stocks hog limelight

MUMBAI, MARCH 5. Stocks of public sector units hogged the limelight even as stocks staged a smart recovery lifting the Sensex by 64 points at close after an overnight moderate setback on the Bombay Stock Exchange today on buying by operators and fairly heavy purchases by institutional investors.

PSU shares were in keen demand after the public offers for sale of Government's stake in Dredging Corporation, GAIL and ONGC were oversubscribed in a short time from the opening of the issue. Nine of the ten top gainers in the specified group were PSU stocks.

The BSE benchmark 30-share index opened firm at 5834.37 and gradually moved upwards to the intra-day high of 5892.78 before ending at 5880.35 against yesterday's close of 5815.87, a net rise of 64.48 points or 1.11 per cent.

Operators seemed to be squaring up positions at the weekend, while foreign institutional investors and local financial institutions reportedly made fairly heavy purchases in old economy stocks including heavyweights such as RIL, Tisco, Tata Motors, SBI, ONGC, L&T, HPCL, Grasim, Hero Honda, GACL, BHEL and ACC.

The mega offers for sale of the Government's stake in ONGC were oversubscribed within 45 minutes after bidding process started this morning.

The public issue by Dredging Corporation was oversubscribed by over 7 per cent and GAIL by four times.

The market was well supported by consistent FII purchases. — PTI

Printer friendly page
Send this article to Friends by E-Mail

Business