The Hindu : Business : Infosys, Satyam, Zee help Sensex recovery

Online edition of India's National Newspaper
Wednesday, Apr 21, 2004

Business

Business

Infosys, Satyam, Zee help Sensex recovery

MUMBAI, APRIL 20. Led by new economy stocks, select heavyweighted counters surged ahead to a strong finish aiding the Sensex to end fractionally higher in an otherwise erratic movement on the Bombay Stock Exchange here today on buying support alternated by profit booking by public investors.

The BSE benchmark 30-share index opened moderately up at 5814.88 and later moved irregularly in a narrow range between 5819.92 and 5765.38 before ending at 5804.81 against yesterday's close of 5800.54, a net gain of 4.27 points.

Though the market remained under pressure due to profit taking by public investors coupled with hedging activity in derivative segment by foreign institutional investors in the past couple of sessions, a smart rally in key blue-chip counters helped Sensex end in the positive territory.

The FIIs, who have built up heavy positions in derivatives, slowed down their activity and reportedly were engaged in hedging in view of the general elections. The polling began for the first phase of Lok Sabha elections this morning.

Retailers and public investors were seen booking profits in several counters. However, domestic institutions were believed to be buyers in select stocks at the prevailing lower levels, brokers said.

The broad-based BSE-100 index edged up by 2.35 points to 3106.77.

Index-based counters such as Infosys, Satyam Computer, Wipro, Zee Telefilms, Tata Motors, Tisco, ICICI Bank and SBI recorded remarkably gains.

However, REL, ONGC, ITC, HDFC, HDFC Bank, BHEL, Bajaj Auto, Bharti Tele and ACC showed falls. The volume of business was relatively low at Rs. 1768.59 crores against Rs. 2200.15 crores.

PTI

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

Business