The Hindu : Business : Institutional buying props up Sensex

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Tuesday, Apr 06, 2004

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Business

Institutional buying props up Sensex

MUMBAI, APRIL 5. The Sensex ignored fag-end selling and completed it's four-session gaining streak on the Bombay Stock Exchange today by closing 49.94 points higher at 5838.02 following sustained buying by foreign institutional investors and operators.

IT and capital goods counters were in the forefront on good institutional buying while select banking stocks reacted downwards on late profit taking, dealers said.

Led by IT bellwether Infosys Technologies, software shares made a dramatic comeback on fresh buying by institutional investors as well as operators due to firm Wall Street advices where the tech-heavy Nasdaq Composite Index rose by 42.16 points last Friday and 97.15 points in the last weekend.Besides the IT segment, capital goods scrips such as ABB, Alfa Laval, BEL, BHEL, Bharat Forge, Crompton Greaves, Siemens and Thermax also attracted heavy buying and ended with sharp gains.

The BSE-30 share sensitive index opened higher at 5809.74 against last Friday's close of 5788.08 and gradually moved upwards past the 5900-mark to a high of 5905.35.

Later, profit selling at the fag end pulled the index down to a low of 5798.37 before concluding at 5838.02. The Sensex flared up by a whopping 317.58 points or 5.75 per cent in the past four sessions. The broad-based BSE-100 index also improved by 25.32 points to 3100.55.

Index-based heavyweights such as Infosys, RIL, Grasim, L&T, Hindalco, Tata Motors, Tata Powers, Tisco, Wipro, Satyam Computer and BHEL notched up sharp gains, which has been reflected in the Sensex.

— PTI

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