The Hindu : Business : Select blue chips rally on shortcovering

Online edition of India's National Newspaper
Thursday, Aug 26, 2004

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Select blue chips rally on shortcovering

MUMBAI, AUG. 25. Select blue chip counters rallied smartly after the midsession, aiding Sensex extend its gains for the second session in a row in an otherwise dull activity on the Bombay Stock Exchange here today on late short covering as well as fresh buying by retail operators.

The BSE benchmark 30-share index opened moderately higher at 5073.23 and later moved in a small range of 5093.37 and 5054.56 before ending at 5088.56 against yesterday's close of 5067.39, a net rise of 21.17 points.

However, Tata Consultancy Services shares stole the limelight on the first day of listing with the scrip commanding a premium of more than Rs. 200 per share over the issue price of Rs. 850 for Re. 1 paid-up share.

Market players said the high net worth individuals (HNI) reportedly pressed sales in TCS counter to book profits at the prevailing market price. Sales in TCS were absorbed by retail investors. TCS moved between Rs. 1080 and Rs. 979 before closing at Rs. 987.50.The broad-based BSE-100 index firmed up by 11.56 points to 2720.29.

— PTI

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