The Hindu : Business : Sensex pierces 5900 mark

Online edition of India's National Newspaper
Friday, Apr 23, 2004

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Business

Sensex pierces 5900 mark

MUMBAI, APRIL 22. Stocks continued their upward march pushing the Sensex by another 48 points at close on the Bombay Stock Exchange on Thursday on sustained purchases by domestic mutual funds and financial institutions.

Extending its gains to the third session in a row, the BSE benchmark 30-share index that started on a firm footing at 5888.17, later gradually moved upwards to the intra-day high of 5947.57 before ending at 5924.18 against the previous close of 5876.42, a net rise of 47.76 points.

The broadbased BSE-100 index improved further by 27.94 points to 3178.03.

Local mutual funds and financial institutions were net buyers in several old economy counters for the second consecutive session, brokers said.

Though foreign institutional investors have slowed down their activity, they were believed to be net buyers, albeit, in small quantity. The FIIs reported a net investment of a meagre Rs. 12 crores on April 20.

Dishman Pharma were the star performer in the cash group, on the first day of its listing. Commenting on brisk activity in Dishman Pharma, which fluctuated wildly throughout the session, brokers said this stock witnessed keen demand amid paucity of floating stocks. The volume was over 48 lakh shares against the issue size of over 34 lakh equity shares.

Blue chip stocks such as Tata Motors, SBI, MTNL, L&T, HPCL, Grasim, GACL, BHEL, Cipla, ACC and Zee Telefilms registered hefty gains on heavy buying support.

Dishman Pharma opened strong at Rs. 301.20 and later moved between Rs. 593.70 and Rs. 301.20 before ending at Rs. 542 against the issue price of Rs. 175 per share.

PTI

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