The Hindu : Business : Sensex extends gains

Online edition of India's National Newspaper
Wednesday, Aug 11, 2004

Business

Business

Sensex extends gains

MUMBAI, AUG. 10. Overcoming early hesitancy, the Sensex extended its gain for the second successive day today due to rally in select heavyweight counters and closed up by 18.84 points at 5252.05 on the stock exchange here today on good buying support from operators.

Operators were in no mood to surrender their dominance and remained bullish despite slew of negative news like soaring international crude oil prices which hit all-time high of $ 44.99 a barrel at the NYMEX at an early traded and on expectations of hike in interest rate due to rise in inflation, dealers said.

Traders also partly attributed firmness to reduction in EPF (employee provident fund) interest rate to 8.5 per cent.

The BSE-30 share sensitive index opened marginally up at 5248.46 as against yesterday's close of 5233.21 and moved in a range between 5266.99 and 5214.99 before concluding at 5252.05, a net gain of 0.36 per cent.

Pivotals in limelight

Shares from index family such as Reliance, Tata Motor, Tisco, Maruti Udyog, Grasim, HDFC Bank, MTNL, Bharti Tele, Bajaj Auto, HPCL, Satyam Computer, Ranbaxy, Wipro, State Bank of India and Zee Telefilms finished with handsome gains, aiding the Sensex to end in the positive terrain.

Foreign Institutional Investors (FIIs), who reportedly sold shares worth Rs. 28 crore on Friday, were said to be active in selective blue-chip counters.

The broad-based BSE-100 index moved up further by 12.23 points to 2802.28 from previous close of 2790.05. Majority of auto shares were in limelight on heavy buying interest.

PTI

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