The Hindu : Sensex extends gains

Online edition of India's National Newspaper
Tuesday, Mar 30, 2004

Business

Business

Sensex extends gains

MUMBAI, MARCH 29. The Sensex extended its gains to third straight session ending 42 points higher on the back of selective stocks rally on the Bombay Stock Exchange here today on fresh purchases by foreign institutional investors and domestic financial institutions.

However, key IT stocks suffered a sharp setback due to selling pressure induced by weak dollar as well as reports that the outsourcing business of Indian companies is likely to be affected ahead of U.S. elections in November.

The BSE benchmark 30-share index opened moderately higher at 5538.52 and later moved irregularly between 5578.74 and 5495.31 before ending at 5571.37 against last Friday's close of 5528.94, a net rise of 42.43 points.

Banking and select PSU stocks hogged the limelight having scored impressive gains on sustained buying support.

The FIIs who were net buyers for the past couple of weeks, seemed to have been engaged in selective purchases at the prevailing lower price levels while local institutions picked shares of some heavyweighted counters at the end of current financial year, brokers said. ONGC overcame early pressure and recovered major losses on late buying support from institutional investors.— PTI

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