The Hindu : Business : Select shares rally

Online edition of India's National Newspaper
Wednesday, Sep 15, 2004

Business

Business

Select shares rally

MUMBAI, SEPT. 14. Well supported by continued positive foreign institutional investor inflow, select stocks rallied smartly, aiding the Sensex to extend its gaining string to eighth consecutive session and end up by 31 points on the Bombay Stock Exchange today. The BSE barometer has risen by over 230 points in eight sessions since September 2.

The BSE benchmark 30-share index opened moderately higher at 5409.52 and gradually moved upwards to the intra-day high of 5434.33 before ending at 5428.77 against yesterday's close of 5397.46, a net rise of 31.31 points.

Foreign institutional investors remained the principal driving force behind the market with their net investments of Rs. 900 crores in the last nine sessions. The FIIs, who were believed to be engaged in reshuffling their portfolios for the past several sessions, seemed to be heavy buyers in a few blue chip counters, brokers said.

Key counters such as Infosys Technologies, BHEL, Grasim, Zee Telefilms, Satyam Computer, HPCL, ONGC, Bharti Tele-Ventures, HDFC, Hero Honda and Wipro scored impressive gains. However, Maruti Udyog suffered a sharp setback on heavy sell-off triggered by reports that Suzuki Motor Corporation will invest over Rs. 1,050 crores in two different ventures in India and that Morgan Stanley had cut its ratings on the company to equal from overweight. At present, Suzuki makes automobiles in a large plant in Maruti Udyog.ITC, RIL, Tata Power, Tata Steel, Tata Motor, REL, HLL, Dr. Reddy's Lab and Bajaj Auto also showed marked falls. — PTI

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