The Hindu : Business : Sensex extends gains

Online edition of India's National Newspaper
Saturday, Jul 24, 2004

Business

Business

Sensex extends gains

MUMBAI, JULY 23. The BSE benchmark 30-share sensitive index extended its gains to the third straight session ending up by 19 points in volatile and scrip-specific trading activity on fairly heavy buying support alternated by profit booking at higher levels.

The index opened higher at 5073.10 and later fluctuated in a relatively narrow range of 5086.03 and 5034.20 before ending the day at 5073.34 against yesterday's close of 5054.29, a net gain of 19.05 points.

Attributing the volatility to good amount of purchases by a leading foreign institutional investor, marketmen said it was believed to have absorbed sales from operators and other traders in select blue chip counters.

The market seemed to have derived strength from continued flow of encouraging corporate news. Several major corporates including Tisco, Wipro, Satyam Computer, ACC and REL, have announced excellent first quarter results in the past couple of days, they added.

Selling was largely in the nature of squaring up at the weekend as operators having long positions reduced their holdings at the concluding session of the week.

The FIIs, who reported net investments in the current week, were buyers in select counters from auto and cement sectors.

Key stocks such as RIL, Tata Motors, Zee Telefilms, ITC, REL Grasim, GACL, ACC, Hero Honda, Wipro and Maruti Udyog recorded marked gains on fresh buying support.

PTI

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