The Hindu : Business : Sensex recovers 34 points

Online edition of India's National Newspaper
Wednesday, Aug 25, 2004

Business

Business

Sensex recovers 34 points

MUMBAI, AUG. 24. Buoyed by declining oil prices and the S&P's upgradation of currency outlook on corporates and banks, investors made selective purchases, aiding the Sensex to recover 34 points at close in an extremely narrow movement on the Bombay Stock Exchange today.

Investors responded positively to the third consecutive fall in crude oil prices on the New York Mercantile Exchange. Crude oil for October delivery fell to $45.80 a barrel as Iraq increased shipments to tankers for the first time in two weeks.

Standard & Poor's revision of outlook on foreign currency ratings of seven companies, including RIL, IOC and Tata Power as well as two commercial banks, to positive from stable also had sentimental impact on the market.

The BSE benchmark 30-share index opened on a promising note at 5048.63 and was later trapped in a narrow range of 5084.74 and 5040.71 before ending at 5067.39 against yesterday's close of 5033.69, a net gain of 33.70 points.

Encouraged by hefty net investments of Rs. 2,202 crores by foreign institutional investors on August 19 and 20, operators made fresh commitments in the cash segment and covered short positions in derivatives ahead of the expiry of August contract on Thursday.

Key counters such as RIL, Satyam Computer, SBI, Wipro, Tata Motors, Tisco, REL, ONGC, ITC, Hindalco, HDFC Bank, Grasim, GACL, BHEL and Bajaj Auto scored handsome gains. However, Dr. Reddy's Lab, Bharti Tele-Ventures, ICICI Bank and Zee Telefilms showed moderate falls.

— PTI

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